- 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
Wishing everyone a Merry Christmas & a Happy New Year
- 14 May 2008
LAUNCH OF THE FIDReC NON-INJURY MOTOR ACCIDENT SCHEME ("FIDReC-NIMA
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.
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.
- 02 May 2008
AMENDMENTS TO TERMS OF REFERENCE (TOR V1.4 as at 2 May 2008):
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
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
- 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 :-
Mediation is free-of charge for the consumer.
For all third party claims :-
For all non third party claims :-
The consumer pays $250 per claim and the Financial Institution pays $500 per
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.
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.
- 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.
- 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
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.
- 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
- 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.