News & Announcements
 
Announcement - 21 Dec 2016

Increase in FIDReC's Jurisdiction

With effect from 3 January 2017, FIDReC's jurisdiction will be increased to S$100,000 per claim for all claims.


Announcement - 15 Dec 2016

FIDReC's operating hours for the festive season 2016-2017 are as follows :-

23 December 2016 (Friday before Christmas)
9 a.m. to 6 p.m.

27 December 2016
9 a.m. to 6 p.m.

30 December 2016 (Friday before New Year)
9 a.m. to 6 p.m.

3 January 2017
9 a.m. to 6 p.m.

27 January 2017 (Lunar New Year's Eve)
Closed

28 January 2017 (Lunar New Year 1st day - Saturday)
Public Holiday

29 January 2017 (Lunar New Year 2nd day - Sunday)
Public Holiday

30 January 2017
Public Holiday

31 January 2017
9 a.m. to 6 p.m.

Wishing everyone Merry Christmas, Happy 2017 and Happy Lunar New Year.



Announcement - 23 Jun 2016

WORLD BANK VISIT


FIDReC is pleased to host the distinguished guests from the World Bank Group as well as senior policymakers of the Supreme People's Court of Vietnam, Ministry of Justice of Vietnam and the Vietnam International Arbitration Center (VIAC).


Announcement - 07 Jan 2016

NOTICE OF OFFICE CLOSURE


Please be informed that FIDReC's office will be closed on 22 January 2016 from 9.00a.m. to 4.00p.m.

Due to our office closure, we will not be able to attend to any walk-in members of the public and/or phone calls and/or emails from 9.00a.m. to 4.00p.m. on 22 January 2016.

We will resume our operations from 4.00p.m. on 22 January 2016.

Our operating hours on 22 Jan 2016 is from 4.00p.m. to 6.00p.m.

Any inconvenience caused is deeply regretted.



Announcement - 15 Dec 2015

FIDReC's operating hours for the festive season 2015-2016 are as follows :-

24 December 2015 (Christmas Eve)
9 a.m. to 12.30 p.m.

28 December 2015
9 a.m. to 6 p.m.

31 December 2015 (New Year's Eve)
9 a.m. to 12.30 p.m.

4 January 2016
9 a.m. to 6 p.m.

5 February 2016 (Friday before Lunar New Year)
9 a.m. to 6 p.m.

8 February 2016 (Lunar New Year 1st day - Monday)
Public Holiday

9 February 2016 (Lunar New Year 2nd day - Tuesday)
Public Holiday

10 February 2016

9 a.m. to 6 p.m.

Wishing everyone a Merry Christmas, a Happy 2016 and a Happy Lunar New Year.




Announcement - 26 Nov 2015

NOTICE OF RELOCATION OF OFFICE

With effect from 1 December 2015, our office will be at


  36 Robinson Road
#15-01 City House
Singapore 068877

Our office at 112 Robinson Road #13-03/04 will be closed on 30 November 2015 for the moving of office.

We will not be able to attend to any walk-in members of the public as well as any telephone calls on 30 November 2015. You may however reach us via our email at info@fidrec.com.sg.

Our operations will resume on 1 December 2015 at our new office at City House.

We look forward to serving you better from our new office.



Announcement - 30 Dec 2014

FIDReC's operating hours for the festive season 2014-2015 are as follows :-

24 December 2014 (Christmas Eve)
9 a.m. to 6 p.m.

26 December 2014
9 a.m. to 6 p.m.

31 December 2014 (New Year's Eve)
9 a.m. to 6 p.m.

2 January 2015
9 a.m. to 6 p.m.

18 February 2015 (Lunar New Year's Eve)
Closed.

23 February 2015

9 a.m. to 6 p.m.

Wishing everyone Merry Christmas, Happy 2015 and Happy Lunar New Year.


Announcement
- 16 June 2014

Please be informed that FIDReC's office at 112 Robinson Road #08-01, Singapore 068902 has been relocated to 112 Robinson Road #13-03 Singapore 068902 with effect from 16 June 2014. Accordingly, all future correspondences should be redirected to 112 Robinson Road #13-03 Singapore 068902.

Should you have any queries, please do not hesitate to contact us. Thank you.


Announcement
- 26 May 2014

Please be informed that due to water leakage, FIDReC's office will be closed for cleaning on 27 May 2014 (Tuesday).

All members of the public and FI representatives should not come to FIDReC's office without appointment on 27 May 2014. We can still be contacted at Tel: 6327-8878.


Announcement
- 25 May 2014

Please be informed that due to water leakage, FIDReC's office will be closed for cleaning on 26 May 2014 (Monday).

All appointments, meetings and hearings originally scheduled on 26 May 2014 will be postponed to a later date to be confirmed.

All members of the public and FI representatives should not come to FIDReC's office on 26 May 2014. We can still be contacted at Tel: 6327 8878.

 
Announcement
- 30 Dec 2013
 
OPERATING HOURS ON CHRISTMAS EVE 2013, NEW YEAR'S EVE 2013 AND LUNAR NEW YEAR'S EVE 2014

As part of FIDReC's commitment to be as accessible as possible to disputants who require its help, FIDReC's operating hours are as follows :-

24 December 2013 (Christmas Eve)
9 a.m. to 6 p.m.

26 December 2013
9 a.m. to 6 p.m.

31 December 2013 (New Year's Eve)
9 a.m. to 6 p.m.

2 January 2014
9 a.m. to 6 p.m.

30 January 2014 (Lunar New Year's Eve)
9 a.m. to 12.30 p.m.

3 February 2014
9 a.m. to 6 p.m.

Wishing everyone Merry Christmas, Happy 2014 and Happy Lunar New Year

 
Announcement - 26 Jun 2013
 
VISIT BY HIS SERENE HIGHNESS HEREDITARY PRINCE ALOIS, CROWN PRINCE OF THE PRINCIPALITY OF LIECHTENSTEIN
 
FIDReC is very privileged and honoured to host the visit by His Serene Highness Hereditary Prince Alois, Crown Prince of the Principality of Liechtenstein together with Her Excellency Dr Aurelia Frick, Minister for Foreign Affairs, Education and Culture and the Government delegation of Liechtenstein on 26 June 2013.
 
The members of the Liechtenstein delegation comprised :-
  1. S.D. Erbprinz Alois von und zu Liechtenstein 
     
  2. Her Excellency, Dr. Aurelia Frick, Minister for Foreign Affairs, Education and Culture
     
  3. His Excellency, Dr. Martin Frick, Ambassador, Director Office for Foreign Affairs (AAA)
     
  4. Dr. Katja Gey, Director, Office for International Financial Affairs (SIFA)
     
  5. Isabel Frommelt, Counsellor, Office for Foreign Affairs (AAA)
     
  6. Sandra Ruppen, Senior Advisor to the Minister
     
  7. Simon Tribelhorn, Director, Liechtenstein Bankers Association (LBV)
     
  8. S.D. Prinz Max von und zu Liechtenstein, LGT Group CEO
     
  9. Alfred W. Moeckli, CEO der VP Bank Gruppe
     
  10. Serge Hediger, Vice-President, Liechtenstein Assurance Association (LVV), CEO of Valorlife
 
Announcement - 26 Dec 2012
 
OPERATING HOURS ON NEW YEAR'S EVE
 
Please be informed that our operating hours on New Year's Eve, 31 December 2012 will be from 9 am to 1 pm.
 
Wishing everyone a Happy New Year
 
 
Announcement - 18 July 2012
 
SIGNING OF MEMORANDUM OF UNDERSTANDING WITH THE SINGAPORE MEDIATION CENTRE
 
The Singapore Mediation Centre (SMC) and FIDReC have signed a Memorandum of Understanding for, inter alia, FIDReC and SMC to jointly promote each other's dispute resolution services (including SMC's neutral evaluation services).
 
 
Announcement - 01 Sep 2011
 
CLAIM VALUE THRESHOLD OF THE FIDReC NON-INJURY MOTOR ACCIDENT SCHEME ("FIDReC-NIMA Scheme") EXTENDED TO S$3,000
 
With effect from 1 September 2011, the claim value threshold of the FIDReC Non-Injury Motor Accident Scheme ("FIDReC-NIMA Scheme") will be extended to S$3,000.
 
Accordingly, under the FIDReC-NIMA Scheme, non-injury motor accident claims below S$3,000 would have to be first mediated and where necessary, adjudicated by the Financial Industry Disputes Resolution Centre Ltd (FIDReC) before court proceedings can be commenced, unless exempted by the FIDReC pre-action protocol.
 
For more information on the FIDReC-NIMA Scheme, please click on the tab at the top of the webpage.
 
 
Announcement - 01 Sep 2011
 
AMENDMENTS TO TERMS OF REFERENCE (TOR V1.5 as at 1 September 2011)
  • Rule 1 amended
  • Rule 2 amended : amendment of definition for "Award" and addition of definitions for "Mediator" and "Mediator's Indication"
  • Rule 3(1) amended
  • Title of Section 4.2 amended
  • Rule 18 amended
  • Addition of new Rule 18A
  • Rule 19 amended
  • Rule 20 amended
  • Rule 21 amended
  • Title of Section 4.4 amended
  • Rule 26(1) amended
  • Title of Section 5 amended
  • Rule 34(2) amended
  • Annex 1 : Clause 1.1 amended, Clauses 6.4 to 6.7 deleted and replaced with new Clauses 6.4 to 6.6, Clauses 6.8 to 6.10 renumbered as Clauses 6.7 to 6.9
  • Annex 4 : Clauses 2.5 and 6.5 amended
 
Announcement - 12 Jan 2011
 
OPERATING HOURS ON 2nd February 2011
 
Please be informed that in celebration of the Lunar New Year, our operating hours on 2nd February 2011 will be from 9 am to 12.30 pm.
 
Wishing everyone Prosperity & Good Health in the Year of the Rabbit!
 
 
Announcement - 07 Dec 2010
 
OPERATING HOURS ON CHRISTMAS EVE & NEW YEAR'S EVE
 
Please be informed that our operating hours on Christmas Eve, 24 December 2010 & New Year's Eve, 31 December 2010 will be from 9 am to 12.30 pm.
 
Wishing everyone a Merry Christmas & a Happy New Year
 
 
Announcement - 14 May 2008
 
LAUNCH OF THE FIDReC NON-INJURY MOTOR ACCIDENT SCHEME ("FIDReC-NIMA Scheme")

The FIDReC Non-Injury Motor Accident Scheme ("FIDReC-NIMA Scheme") helps consumers resolve non-injury motor accident disputes with insurance companies in which the amount claimed is below $1,000.
 
Under the FIDReC-NIMA Scheme, non-injury motor accident claims below $1,000 would have to be first mediated and where necessary, adjudicated by the Financial Industry Disputes Resolution Centre Ltd (FIDReC) before court proceedings could be commenced, unless exempted by the FIDReC pre-action protocol.
 
For more information on the FIDReC-NIMA Scheme, please click on the tab at the top of the webpage.
 
 
Announcement - 02 May 2008
 
AMENDMENTS TO TERMS OF REFERENCE (TOR V1.4 as at 2 May 2008):
 
After discussions with MAS, amendments were made to FIDReC's Terms of Reference with effect from 2nd May 2008:
  • Rule 1 amended
  • Rule 2 amended : addition of definitions for "Award", "Court", "MAS", "Motor Claim", "Non Motor Claim", "Third Party Claim", "Non Third Party Claim" and "FIDReC-NIMA Scheme"
  • Rule 3(2) amended
  • Addition of new Rule 11A and 11B
  • Rule 12 amended
  • Rules 34(1)(i) and (ii) amended
  • Annex 1 : Clause 6 amended
  • Annex 3 deleted
  • Annex 4 : Clauses 1, 2, 5.2, 5.2A(new), 5.3, 10.3A(new), 11.4, 14.1(replaced), Appendix B and Appendix D(new) amended
 
 
Announcement - 21 Apr 2008
 
FIDReC case fee structure as at 2 May 2008
 
Please be informed that with effect from 2 May 2008, the case fee structure of FIDReC is as follows :-

(1) Mediation

Mediation is free-of charge for the consumer.

(2) Adjudication

For all third party claims :-

  • The consumer pays $250 per claim and the Financial Institution pays $500 per claim.
  • If the Adjudicator finds in favour of the third party claimant and awards an amount equivalent to 50% or more of the claim, then the consumer would be refunded $200 per claim. This effectively means the consumer only pays $50 per claim at the Adjudication stage.
  • If the Adjudicator dismisses the claim or awards the consumer less than 50% of the claim, the Financial Institution would be refunded $200 per claim.
For all non third party claims :-

    The consumer pays a flat case fee of S$50 per claim and the Financial Institution pays a flat case fee of S$500 per claim. No rebate would be given to the consumer or the Financial Institution.
Please note that all amounts are subject to the prevailing GST.
 
 
Announcement - 27 Feb 2008
 
FIDReC to be GST registered with effect from 1 April 2008

Please be informed that FIDReC would be GST registered with effect from 1 April 2008.
 
Accordingly, from 1 April 2008 onwards, consumers would pay S$53.50 (inclusive of 7% GST) per claim for cases proceeding for adjudication.
 
As for Subscriber Financial Institutions, the prevailing GST of 7% would be imposed on all taxable items (including general levy, supplementary levy and case fees) with effect from 1 April 2008.
 
 
 
Announcement - 31 Dec 2007
 
FIDREC WARNS AGAINST PERSONS POSING AS THEIR STAFF
It has been recently brought to our attention that several consumers have been contacted by persons posing as bank staff and FIDReC's staff, even though these customers had not lodged any complaints with FIDREC.
 
These impostors claimed that the consumers owed monies to the bank and financial institutions and asked for personal information such as bank account numbers.
 
FIDReC would like to state that FIDReC's staff would not contact any consumer unless he/she had first lodged a complaint with FIDReC. In this regard, we have already lodged a police report.
 
If there are any doubts, please contact FIDReC at 6327 8878.
 
 
Announcement - 28 Nov 2007
 
FIDReC's ANNUAL REPORT 2006/2007
FIDReC has released its annual report for financial year ending June 2007.
Please click here to access the report.
 
 
Announcement - 17 Aug 2007
 
AMENDMENT TO TERMS OF REFERENCE
(TOR v1.3 as at 24 July 2007): After discussion with MAS and consideration of the feedback from subscriber Financial Institutions, an amendment was made to Rule 13(2) to provide more clarity as to when Rule 13(1)(ii) of the FIDReC Terms of Reference (TOR) applies.