Financial Industry Disputes Resolution Centre Ltd (‘FIDReC’) is a Dispute Resolution service that aims to assist Eligible Complainants and FIs resolve disputes between them either by mediation or through adjudication. As part of its day-to-day activities, FIDReC receives and handles information about FIs and Eligible Complainants.
This information is “personal information” because it is information or an opinion about someone whose identity is apparent or can reasonably be ascertained from the information or opinion. For example, personal information may include information relating to an Eligible Complainant’s investment and property holdings, account numbers, contact details of the Eligible Complainant’s or FI’s, as the case may be, relationships to other people. FIDReC also receives personal information about the FIs when they subscribe to become Members on-line through this website.
1. Collection of Personal Information
FIDReC will only collect personal information where that is necessary for one or more of its functions or activities. Essentially, FIDReC receives and holds personal information in the form of the specific contact information about the FIs, consumer complaints, documents provided by the Eligible Complainant and the FI that is the subject of the complaint, and correspondence and other information about the complaint and the complaint handling and resolution process. FIDReC will only collect personal information by lawful and fair means and not in an unreasonably intrusive way, and in any event in accordance with the terms of the FIDReC Terms of Reference and Adjudication Agreement.
As a general rule, FIDReC will obtain information provided in written form (eg correspondence and documents) or orally (eg by telephone) or electronically (eg via emails).
2. Use And Disclosure Of Personal Information
All FIs will be deemed to have given FIDReC authority to collect, keep, use, correct and disclose information about it when the FI subscribes to be a Member of FIDReC. Likewise, all Eligible Complainants will be deemed to have given FIDReC authority to collect, keep, use, correct and disclose information when they lodge a complaint.
FIDReC treats all personal information collected, including information about all complaints, as confidential between the Eligible Complainant, the FI and FIDReC. In dealing with a complaint, FIDReC will forward information about the Eligible Complainant and complaint details to the FI concerned regardless of how the complaint was lodged.
From time to time, FIDReC may provide information about the complaint, including personal information, to such regulatory authorities as appropriate, including the MAS.
3. Data Security
FIDReC will take all reasonable steps to protect all personal information from misuse and loss and from unauthorized access, modification or disclosure. FIDReC will take reasonable steps to destroy or permanently de-identify all personal information if it is no longer needed for any purpose for which it might be used or disclosed. In particular, FIDReC will retain a discretion to destroy all records about a complaint six years after closing the file on a particular complaint.
5. Access And Correction
FIDReC will provide all FIs with access to personal information about themselves and all relevant information about any complaint against them, unless FIDReC, in its absolute discretion, deems it unsuitable to provide the information.
Any personal information about an FI that FIDReC obtains will be assumed to be accurate, complete and up to date. All FIs are able to check and update their companies' details from this website.
6. FI’s Confidentiality Obligation
Save as shall be required under any written law or rule of law, an order of court, or as necessary to implement and enforce any settlement agreement or adjudication award made by FIDReC, all persons involved in the mediation and / or adjudication process shall keep confidential and not use for any collateral or ulterior purpose in any other proceeding:
i) the fact that any mediation and / or adjudication process is to take place, is in progress or has taken place;
ii) the matters that transpired in the course of the mediation and / or adjudication process;
iii) any views expressed, or suggestions or proposals for settlement made by any party for the resolution of their Dispute in the course of the mediation or adjudication process;
iv) proposals suggested by the Case Manager and / or Adjudicator(s);
v) all materials made available and communication made during the mediation and / or adjudication process;
vi) where the Eligible Complainant does not accept the determination and / or award of the Adjudicator or the Panel, the fact that the Adjudicator or Panel has made the determination and / or award, and / or the substance and / or terms of the determination and / or award, and / or that the Eligible Complainant did not accept the determination and / or award; and / or
vii) all materials, information, correspondence (including emails), issues / matters discussed, proposals and counterproposals produced for or arising in relation to the mediation and / or adjudication process, including but not limited to any settlement agreement (and the substance and / or terms thereof) except as directly necessary to implement and enforce any such settlement agreement.
The FI’s obligation of confidentiality is not affected, and would continue with full force and effect after the conclusion of FIDReC’s mediation and / or adjudication processes.
7. The Internet
FIDReC’s website may contain links to other websites. All FIs and Eligible Complainants, as the case may be, should check the privacy policies of other websites they access. FIDReC is not responsible in any way for someone else’s privacy policies and practices. FIDReC’s website may also collect “Cookies”, which is information about a visit to FIDReC’s website. All FIs and Eligible Complainants, as the case may be, should adjust their own browser settings if they do not want “Cookies” to operate.