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 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).
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 relating solely to investment performance of a financial product;
- cases under investigation by any law enforcement agency, including cases where allegations of fraud or criminal activity have been made, and where the matter has been referred to the police for investigation
- disputes between an FI and its officers and employees relating to agency or employment issues
- Complaints that are more than six months old after the FI’s final reply;
- Complaints arising under a Former Scheme and which have been considered by or resolved under that Scheme;
- Complaints that have been dealt with by or resolved by FIDReC unless there is new material information that was not reasonably available at the time the previous complaint had been filed;
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.