FIDReC

News & Announcements

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 heard by the Financial Industry Disputes Resolution Centre Ltd (FIDReC) before court proceedings could be commenced.

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 - 21 Jan 2008

OPERATING HOURS ON LUNAR NEW YEAR EVE

Please be informed that our operating hours on Lunar New Year Eve, 6 February 2008 will be from 9 am to 12.30 pm.

Wishing all Prosperity & Good Health in the Year of the Rat.

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 - 19 Dec 2007

OPERATING HOURS ON CHRISTMAS EVE & NEW YEAR EVE

Please be informed that our operating hours on Christmas Eve, 24 December 2007 & New Year Eve, 31 December 2007 will be from 9 am to 12.30 pm.

Wishing one and all A Merry Christmas & A Happy New Year

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.