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.
Core Principles
Accessibility
We are committed
to providing an affordable and accessible dispute resolution service that does not require parties to obtain external help from lawyers.
Independence
We operate independently of the government, financial institutions and consumer bodies, and are impartial, credible and worthy of public trust.
Effectiveness
We set targets to measure the effectiveness and promptness of our services and regularly review our processes to ensure they remain relevant and in line with best practices.
Accountability
We report on our performance, including sharing statistics and case studies where appropriate, and submit to regular independent reviews.
Fairness
We monitor our procedures and process outcomes to ensure they are consistent with the law and what is fair and equitable.
FIDReC's Jurisdiction
FIDReC can mediate all eligible disputes between consumers and financial institutions, but there is a limit of S$100,000 per claim for adjudication of disputes.
There may be certain types of claims that FIDReC cannot handle under its Terms Of Reference. Find out more.
Overview
FIDReC is an independent and impartial institution that resolves consumer financial disputes through mediation and adjudication. Our services are available to consumers who are either individuals or sole proprietors for claims against licensed financial institutions. We offer an alternative for consumers to have their disputes heard in an accessible and affordable manner, instead of going to court.
Disputes lodged with FIDReC are usually resolved within 6 months, without the involvement of external lawyers.
Background
FIDReC was launched in August 2005, as part of an initiative by the Monetary Authority of Singapore (MAS) to create a one-stop centre for the resolution of all retail disputes with financial institutions.
FIDReC is funded through contributions from the financial sector based on MAS requirements. FIDReC is nevertheless independently governed by its own Board of Directors.
Financial Institutions
We are able to help you resolve your dispute with a wide range of financial institutions. To find out which financial institutions are subscribed to us, please click on one of the categories below.
