The Financial Industry Disputes
Resolution Centre Ltd (FIDReC) is an independent and
impartial institution specialising in the resolution
of disputes between financial institutions and consumers.
FIDReC subsumes the work of the Consumer Mediation Unit
(CMU) of the Association of Banks in Singapore and the
Insurance Disputes Resolution Organisation (IDRO).
FIDReC provides an affordable and accessible one-stop
avenue for consumers to resolve their disputes with
financial institutions. It also streamlines the dispute
resolution processes across the entire financial sector
FIDReC provides an affordable avenue for consumers who
do not have the resources to go to court or who do not
want to pay hefty legal fees. It is staffed by full-time
employees familiar with the relevant laws and practices.
FIDReC was initiated by the financial sector to make
its services more professional, transparent, customer
focused and service oriented. It was officially launched
on 31 August 2005 by Mr Heng Swee Keat, Managing Director
of the Monetary Authority of Singapore.