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Sing court scrutinises “trusted adviser” concept in accumulator case

Crédit Industriel et Commercial (CIC) has successfully sued a private banking client, Teo Wai Cheong, for funds owed on accumulator contracts, in the Singapore High Court. The verdict addressed the highly relevant issue of banks’ responsibilities when dealing with non-institutional “sophisticated” clients, or what comprises the core of private banks’ client base, a market segment often exempted from the basic…

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