The Financial Industry Disputes Resolution Centre Ltd (‘FIDReC’) is an independent and impartial institution specialising in the resolution of financial disputes between financial institutions and consumers. It is the only approved dispute resolution scheme in Singapore under the Financial Services and Markets (Dispute Resolution Schemes) Regulations 2023.
FIDReC was launched in August 2005 as part of an initiative by the industry and the Monetary Authority of Singapore (‘MAS’) to create a one-stop centre for the resolution of all retail disputes with financial institutions such as banks, finance companies, life insurers, general insurers, capital market services licensees, licensed financial advisers, and insurance intermediaries.
FIDReC’s mission is to provide an affordable alternative dispute resolution scheme that is independent and impartial, so as to encourage and assist in the resolution of disputes between consumers and financial institutions in an amicable and fair manner. FIDReC’s core principles are: Accessibility, Independence, Effectiveness, Accountability and Fairness.
FIDReC carries out its mission through offering mediation and adjudication services. Our services are available to consumers who are either individuals or sole proprietors for claims against licensed financial institutions. FIDReC allows consumers to have access to justice without going to court or paying hefty legal fees. Mediation at FIDReC is free for the consumer although there is a case fee for adjudication. FIDReC is staffed by full-time employees familiar with the laws, guidelines, and practices of the financial industry in Singapore.
In May 2004, MAS formed a Steering Committee to facilitate the creation of FIDReC. A public consultation was conducted in October 2004. The public were invited to provide their views on several issues including FIDReC’s governance structure, funding, and its Terms of Reference.[1] This feedback was considered carefully by the Steering Committee and played a part in the eventual shaping and creation of the organisation that FIDReC is today.[2]
The Terms of Reference that FIDReC abides by have been in place since 2005. As the landscape of the financial industry and the nature of financial disputes have evolved over the years, FIDReC is embarking on a review of its Terms of Reference to ensure that it continues to serve its purpose and remain relevant in a fast-changing world.
FIDReC’s Terms of Reference set out, amongst other things, the scope and jurisdiction of FIDReC and the responsibilities of Complainants and Subscribers. All Complainants and Subscribers agree to be bound by the Terms of Reference when making use of our process. The proposed amendments in the Terms of Reference will impact FIDReC’s operations and the disputes brought to FIDReC.
In this regard, this Consultation Paper is meant to seek the views of the public on the following areas that are being considered under the present review:
FIDReC was launched in August 2005 as part of an initiative by the industry and the Monetary Authority of Singapore (‘MAS’) to create a one-stop centre for the resolution of all retail disputes with financial institutions such as banks, finance companies, life insurers, general insurers, capital market services licensees, licensed financial advisers, and insurance intermediaries.
FIDReC’s mission is to provide an affordable alternative dispute resolution scheme that is independent and impartial, so as to encourage and assist in the resolution of disputes between consumers and financial institutions in an amicable and fair manner. FIDReC’s core principles are: Accessibility, Independence, Effectiveness, Accountability and Fairness.
FIDReC carries out its mission through offering mediation and adjudication services. Our services are available to consumers who are either individuals or sole proprietors for claims against licensed financial institutions. FIDReC allows consumers to have access to justice without going to court or paying hefty legal fees. Mediation at FIDReC is free for the consumer although there is a case fee for adjudication. FIDReC is staffed by full-time employees familiar with the laws, guidelines, and practices of the financial industry in Singapore.
In May 2004, MAS formed a Steering Committee to facilitate the creation of FIDReC. A public consultation was conducted in October 2004. The public were invited to provide their views on several issues including FIDReC’s governance structure, funding, and its Terms of Reference.[1] This feedback was considered carefully by the Steering Committee and played a part in the eventual shaping and creation of the organisation that FIDReC is today.[2]
The Terms of Reference that FIDReC abides by have been in place since 2005. As the landscape of the financial industry and the nature of financial disputes have evolved over the years, FIDReC is embarking on a review of its Terms of Reference to ensure that it continues to serve its purpose and remain relevant in a fast-changing world.
FIDReC’s Terms of Reference set out, amongst other things, the scope and jurisdiction of FIDReC and the responsibilities of Complainants and Subscribers. All Complainants and Subscribers agree to be bound by the Terms of Reference when making use of our process. The proposed amendments in the Terms of Reference will impact FIDReC’s operations and the disputes brought to FIDReC.
In this regard, this Consultation Paper is meant to seek the views of the public on the following areas that are being considered under the present review:
- The increase of the award limit from $100,000 to $150,000;
- Including small businesses as eligible complainants;
- Allowing the circulation of the Grounds of Decision;
- Fixing timelines for process completion;
- A Mediator's Indication process for non-NIMA disputes;
- Amendments to the list of Excepted Complaints; and
- Timelines to refer to business days instead of calendar days.
[1] ‘Consultation Paper on Public Financial Industry Disputes Resolution Centre’, available online: <https://www.mas.gov.sg/publications/consultations/2004/consultation-paper-on-public-financial-industry-disputes-resolution-centre> (hereafter ‘Consultation Paper’).
[2] ‘Response to Feedback: Consultation Paper on Public Financial Industry Disputes Resolution Centre’, available online: <https://www.mas.gov.sg/publications/consultations/2004/consultation-paper-on-public-financial-industry-disputes-resolution-centre> (hereafter ‘Response to Feedback’).