Frequently Asked Questions

1. When can I go to FIDReC?
A: If you have a dispute with your financial institution that you haven't been able to resolve or that hasn't been resolved to your satisfaction, you should approach FIDReC within 6 months after you received the final reply letter from the financial institution.

2. How much can I claim?
A: The jurisdiction of FIDReC in adjudicating disputes between consumers and financial institutions is as follows:
(1) For claims between insureds and insurance companies: up to S$100,000
(2) For disputes between banks and consumers, capital market disputes and all other disputes (including third party claims and market conduct claims): up to S$50,000
At present, FIDReC's services are available to all consumers who are individuals or sole-proprietors.

3. How do I file a complaint?
A: Filing a complaint is simple and free of charge. You may lodge your complaint in person, or by fax, post or email. If you have any queries or difficulties in lodging the complaint, you may contact FIDReC at 6327 8878.

4. How much will it cost?
A: Filing a complaint is free of charge. Where a Case Manager takes your complaint up with the financial institution concerned and is unable to facilitate a resolution, you can then choose to refer your complaint to adjudication. If you choose to do so, you need to pay an adjudication case fee.

5. What if I am not happy with FIDReC's ruling?
A: The decision of the Adjudicator or panel is final and binding on the financial institution, but not on you. If you are not happy with the decision, you are free to reject the decision and pursue your complaint through other avenues. This essentially means that there is no disadvantage at all for you if you choose to lodge your complaint with FIDReC.

6. How long will it take for FIDReC to resolve my dispute?
A: The length of time needed varies with the complexity of each case. FIDReC seeks to resolve all disputes as expeditiously as possible.