FIDReC's jurisdiction is set out in its Terms of Reference.
There is no claim limit for mediation at FIDReC, but the jurisdiction for adjudications at FIDReC is up to $100,000 per claim.
Generally, FIDReC only handles disputes between financial institutions who are its subscribers and consumers. The financial institution must also have had the opportunity to resolve the dispute with the consumer first.
The following qualify as consumers:
- Individuals or sole proprietors who have a customer relationship with a financial institution;
- Persons who have a beneficial interest in the activity;
- A trustee or personal representative;
- An insured; or
- Third parties who have third-party coverage under an insurance contract.
The following complaints cannot be brought before FIDReC:
- Commercial decisions;
- Pricing policies and other policies such as interest rates and fees;
- Cases under investigation by any law enforcement agency;
- Cases concerning principal agent issues;
- Complaints that are more than 6 months after the financial institution's final reply;
- Complaints that have been settled between the consumer and the financial institution; and
- Cases that have been subjected to a court hearing and for which a court judgment or order has been passed.
Additionally, please also take note that FIDReC can dismiss a dispute without mediation in various situations, including where:
- it is in the opinion of the Case Manager frivolous or vexatious; or
- there are other compelling reasons why it is inappropriate for FIDReC to deal with the dispute.