23 Dec '11, 4am

ST Online Forum: Get client approval for CDP access

I SHARE the concern of Mr Eng Tiang Chuan (‘Guard against rogue brokers’; yesterday) about allowing stockbrokers to have unrestricted access to their clients’ accounts in the Central Depository (CDP). This concern can be alleviated if the access is on the specific approval of the client. At present, the client has to open a trading account with his specific stockbroker, which is already linked to the CDP account. It would be quite easy to modify the system to allow the client to indicate if the specific broker is allowed to view the CDP account. In my case, I would be happy to allow my trusted stockbroker to access my account. If there are specific actions that need to be taken – for example, rights issues – I would like my stockbroker to alert me, so that I could take the appropriate action to protect my interests.

Full article: http://thefinance.sg/2011/12/23/st-online-forum-get-clien...

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