Hi,
I would share a issue my dad is facing with a US-based bond has invested in through Citibank Singapore.
In December 2019, he noticed that 30% had been deducted from the coupon. After multiple phone calls and emails with his relationship manager, another staff member had revealed (as my dad had suspected) that it was taxed because his W-8BEN form (that declares foreign status) had not been submitted on time--clearly due to lapses on their part.
Now, the relationship manager says nothing can be done and fails to take any responsibility.
Why should the customer bear the loss for lapses on their part?
Should we escalate the issue with senior management and how to proceed?