Friday, May 09, 2008

OCBC Securities - All your incomes are belong to us

Our series on great moments in abusive legal terms and conditions visits with the fine folks at OCBC Securities.

The 54 page document that governs doing business with OCBC can be found here.

I bring to your attention a couple of gems. The first is Clause 17.

17. Investment of Monies received

(a) You agree that OSPL shall be entitled to retain all of the interest earned from the maintenance of any monies standing to the credit of any Account; and

(b) You agree that OSPL shall be entitled to retain all of the returns from the investment of monies received on your Account. Such investment of monies shall be carried out in accordance with the SFA.

which suggests that leaving money with these folks is unlikely to result in any gain - except for OCBC.

Clause 24 deals with OCBC's obligations to protect your personal information. Somewhat predictably, one is forced to agree to OCBC's right to disclose your data to third parties under a number of different circumstances. There are nine (9) of these, and then we get to the final nail in the coffin of privacy.

24. Consent to disclosure

(a) You hereby expressly authorise and permit OSPL and each of its officers to divulge, reveal or disclose any or all of your particulars of your Account, including but not limited to your information relating to any transaction or dealings between you and OSPL;-

(x) any other person or entity at any time:-

(1) which OSPL or any officer in good faith considers appropriate for any purpose in connection with these terms and conditions; or

(2) where such particulars of your Account was inadvertently divulged, revealed or disclosed to/or accessed by such persons or entities through no willful default of OSPL or relevant officer

This is pretty good stuff. Ignoring the bad grammar (your Account was), as a customer you basically agree that even if OCBC completely screws up and loses your data, has it stolen, compromised or otherwise purloined, they are off the hook.

Lawyers 2, Customers 0

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