Investor-bank litigation in Singapore has largely been confined to traditional common law claims in contract and tort, where investors have had limited success, usually because of contractual clauses that favour banks over clients. However, changes to the regulatory framework after the global financial crisis of 2007-9 have enhanced the protection of retail investors in different ways: measures emphasising the best interests of investors have been put in place; rights to obtain damages for breach of statutory duty under the Financial Advisers Act have been expanded - although they have hardly been examined by the courts; and consumer investors can now sue financial institutions for unfair practices under the Consumer Protection (Fair Trading) Act, which had previously excluded financial products and services. This chapter examines the protection given to investors by statute as well as their predicament under the common law, and explores the challenges which investors face in suing their banks.
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