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For a list of common terms and financial products when you file a complaint at FIDReC, please visit the Glossary.
For case studies, articles, videos, and other helpful materials, please visit the Resources section.
1) What is the role of FIDReC?
FIDReC is an Alternative Dispute Resolution institution specialising in the resolution of financial disputes. FIDReC's mission is to provide an affordable alternative dispute resolution scheme that is independent and impartial, so as to encourage and assist in the resolution of disputes between consumers and financial institutions in an amicable and fair manner.
FIDReC provides an affordable and accessible one-stop avenue for consumers to mediate and adjudicate their disputes with financial institutions without going to court.
More details on FIDReC's dispute resolution process can be found here.
2) What types of claims does FIDReC handle?
At present, FIDReC's services are available to consumers who are individuals, sole-proprietors, small businesses or charities and who have a dispute with their financial institution who is a subscriber of FIDReC.
The consumer must first approach the financial institution and if the financial institution has not been able to resolve the dispute satisfactorily, the consumer can then file a claim at FIDReC. The consumer must file the claim within 6 months of receiving a final reply from the financial institution. More details on FIDReC's jurisdiction can be found here.
3) Which financial institutions are subscribed to FIDReC?
Under the Financial Services and Markets (Dispute Resolution Schemes) Regulations 2023 read with FIDReC's Terms of Reference, financial institutions licensed by the Monetary Authority of Singapore (MAS) and serving retail customers will be required to subscribe to FIDReC. These financial institutions include:
- Banks, Finance Companies & Credit Bureaus
- Life Insurance Companies & Composite Insurers
- General Insurance Companies & Composite Insurers
- Capital Markets Service Licence Holders
- Financial Advisers Licence Holders & Insurance Intermediaries
- Major Payment Institutions providing account issuance services
Please click here for a list of the financial institutions that are subscribed to FIDReC.
Please click here to find out more about elective subscription by financial institutions that are not required by the MAS to subscribe to FIDReC.
4) Is FIDReC a government agency?
No, FIDReC is not a government agency and does not have any power over financial institutions in Singapore. It is a public company limited by guarantee.
5) Does FIDReC appoint lawyers to represent consumers in their disputes or assist in enforcing their claims against the financial institutions?
No, consumers who require a lawyer can search for one from the Legal Services Regulatory Authority. Consumers can also seek the help of the Legal Aid Bureau but should note that they have to meet specific conditions before the Legal Aid Bureau will be able to help.
6) Does FIDReC provide legal, financial or other professional advice?
No, FIDReC is an Alternative Dispute Resolution institution and does not provide any legal, financial or other professional advice. Consumers who require such advice may engage the appropriate professionals at their own cost. Additionally, a list of free legal clinics in Singapore is maintained by Pro Bono SG here.
7) What is Early Resolution?
The Early Resolution (ER) phase, introduced on 1 July 2024, aims to encourage financial institutions to reach an amicable resolution with consumers at the earliest possible time. ER starts on the next business day after the consumer files a complaint with FIDReC.
During the 10-business-day ER phase, the financial institution may contact the consumer directly to negotiate and attempt to resolve the issue.
FIDReC will process the complaint in accordance with our usual process after 10 business days unless we hear from the complainant otherwise.
8) What is mediation at FIDReC like?
A FIDReC Case Manager will first look into the dispute to verify if FIDReC is able to handle it. If so, the Case Manager will facilitate discussions between the consumer and the financial institution with the aim of helping all parties find a mutually acceptable outcome. This may be done by telephone, over email, or at a meeting. Mediation may involve the case manager communicating with each party privately or with all parties jointly. Find out more about how to prepare for mediation at FIDReC in this Guide.
9) What is adjudication at FIDReC like?
Both the consumer and the financial institution will prepare written submissions to explain their case to the Adjudicator. They will also have the opportunity to present their case to the Adjudicator at a hearing. With the agreement of all parties and the approval of the Adjudicator, the adjudication may also take place on a documents-only basis, i.e. the Adjudicator will decide the case based on the written submissions of the parties. Find out more about how to prepare for adjudication at FIDReC in this Guide.
10) How much can I claim?
The jurisdiction of FIDReC in adjudicating disputes between consumers and financial institutions is up to S$100,000 per claim (for claims filed before 1 July 2024) or S$150,000 per claim(for claims filed on or after 1 July 2024).
11) How do I file a complaint?
Filing a complaint is free of charge. To find out if you can file a complaint, please click here. When this is completed, you may proceed to register as a complainant and file a complaint by following the instructions on the online dispute resolution form.
When filing a complaint, please upload the relevant supporting documents. Click here to view the list of documents required based on your complaint type.
If you have any queries or difficulties in filing the complaint, you may contact FIDReC for help.
12) What is the definition of a Small Business eligible to file a complaint?
A Small Business is eligible to file a complaint at FIDReC if it meets all the following criteria:
- Must be registered and operating in Singapore; and
- Has a group annual sales turnover of SGD1 million or less in each of the two (2) financial years immediately preceding the current financial year of the business entity.
13) What is the definition of a Charity eligible to file a complaint?
A Small Business is eligible to file a complaint at FIDReC if it meets all the following criteria:
- Must be registered under the Charities Act;
- Is operating in Singapore; and
- Has a gross annual receipt of not more than SGD10 million in each of the two (2) financial years immediately preceding the current financial year of the charity.
14) How much will filing a complaint cost?
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. Please click here to view the fee schedule.
15) I get an error message saying “Contact with the same email address or NRIC number already exists” or “Contact with the same email address or Business Registration No./Unique Entity No. (UEN)/Certificate of Incorporation already exists”. What should I do?
This means you have already created an account with FIDReC. Please try the following steps:
- Select “Forgot User Name” to retrieve your username.
- Select “Forgot Password” to reset your password.
If you are still unable to log in after completing the steps above, please contact us by submitting an enquiry or calling our hotline at 6327 8878.
16) I have forgotten my username or have not set up the account. What should I do?
Please select “Forgot User Name” on the login page. This allows you to either retrieve your username or complete the setup of your account (if it was not previously completed).
If you continue to face issues, please contact us by “submitting an enquiry” or calling our hotline at 6327 8878.
17) I have forgotten my password. What should I do?
Please select “Forgot Password” on the login page to reset your password.
If you continue to face issues, please contact us by “submitting an enquiry” or calling our hotline at 6327 8878.
18) What if I am not happy with the Adjudicator's ruling?
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 means that there is no disadvantage at all for you if you choose to lodge your complaint with FIDReC. Kindly note that there is no appeal process at FIDReC.
19) How long will it take for FIDReC to resolve my dispute?
The length of time needed varies with the complexity of each case. FIDReC seeks to resolve all disputes as expeditiously as possible and most cases are resolved within 6 months.
20) I have some feedback for FIDReC on its services. How can I convey my feedback to FIDReC?
You may email the FIDReC Feedback Review Committee at feedback@fidrec.com.sg. The Feedback Review Committee will look into your feedback and respond to you in due course.