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Common Terms
1. Account holder – Named owner of the bank or investment account.
2. Adjudication – A process where an adjudicator decides on a claim based on the facts and merits.
3. Adjudication Award – The decision made by the Adjudicator.
4. Claim Value – The amount a complainant is claiming from the financial institution.
5. DRF – Dispute Resolution Form.
6. Eligible Complainant – A person eligible to bring complaints to FIDReC as stated in FIDReC’s Terms of Reference.
7. Financial Institutions (FIs) – Financial service providers licensed by the Monetary Authority of Singapore (MAS) that are subscribers of FIDReC. These include banks, insurance companies and investment firms.
8. Grounds of Decision – A document written and signed by the Adjudicator that explains the decision reached. A FIDReC Case Manager will read the Grounds of Decision to the parties at a hearing.
9. Joint Account – Bank or investment account with more than one named owner.
10. Jurisdiction – The official power that FIDReC has. FIDReC does not have limits on its jurisdiction for mediation. There is a limit of $100,000 per claim for adjudication.
11. Insured Person – Generally the term used for the person covered by the insurance policy.
12. Maturity Date – An agreed date on which the policy / investment / deposit / contract ends, so that the financial institution / issuer pays out the applicable benefit amount.
13. Mediation – A process where a neutral person facilitates discussions and guides parties to resolve their dispute. The mediator does not make any binding decision on the merits of the case.
14. Mediator’s Indication (MI) – An opinion by the Mediator on whether an Adjudication Award is likely to favour the Eligible Complainant. The parties can choose whether or not to accept the Mediator's Indication.
15. Monetary claim – A claim to recover money. For example, through reimbursement, refund, waiver, or request for compensation.
16. NAF – Nominee Appointment Form.
17. Nominee – A person appointed by the Eligible Complainant to help with the FIDReC process. A nominee can help by translating or interpreting for the Eligible Complainant. A nominee can also help the Eligible Complainant to file and manage a claim through the FIDReC portal.
18. Non-monetary claim – A claim that does not involve recovery of money. For example, reinstatement of a closed account or terminated product.
19. Participating (Insurance) Policy – An insurance policy where profits, if any, of the life insurance company’s participating funds are shared with policyholders. The policyholders share of profits are paid in the form of “bonus” or “dividends”. The profits are not guaranteed, as it depends on how the life insurance fund’s investments are performing, how many claims are paid out by the fund, and expenses incurred.
20. Premium – Payment for insurance policy. This can be in the form of one-time upfront payment (single premium policy), as well as periodic payments by month, quarter, half-year or year (regular premium policy).
21. Third-party Claim – A claim made against the insurer of another person or company.
Types of Financial Products
Banking Products
| Consumer / Personal Finance | Definition |
| Business Loan | A loan taken on by small business owners / sole proprietors to finance business operations. |
| Charge Cards | Cards (physical or electronic form) issued without limits and cardholders must pay in full before the bill due date every month. |
| Credit Cards | Cards (physical or electronic form) with line of credit granted by the banks. Cardholders can opt to not pay in full at the end of the month, but interests are applicable. |
| Current Account | An account that comes with cheque facilities. |
| Fixed Deposit Account | A depository account for a fixed period where Banks provide a higher rate of return upon maturity. |
| Housing Loan | A loan granted by the banks for the purchase of a property. The property is held as a collateral by the banks. |
| Line of Credit | A credit source granted, to be used at the borrower’s discretion. |
| Money Changing | Buying and selling of foreign currency notes. |
| Personal Loan | A loan granted for personal use only. |
| Remittance | Cross-border money transfer services to persons of another country who are outside of Singapore. |
| Renovation Loan | A loan taken on to finance renovation purposes. |
| Savings Account | A depository account held at a retail bank that pays interest. |
Electronic Transactions & Payments
| Electronic Transactions & Payments | Definition |
| Automated Teller Machine (ATM) | An electronic telecommunications device enabling user to perform financial transactions. For example, cash withdrawal, deposit, funds transfer, etc. |
| Bank Draft / Cashier’s Order | A Bank Draft is for international withdrawals of ready funds in a customer’s account. A Cashier’s order is for local withdrawals of ready funds in a customer’s account. |
| Cheques | A paper document ordering the bank to pay the intended party a specific amount from a customer’s bank account. |
| Electronic Funds Transfer at Point of Sale (EFTPOS) | Electronic funds transfer modes with the use of payment cards (debit/credit) to pay merchants or payment terminals. For example, using a CashCard, NETS Flashpay, or Debit Card. |
| General Interbank Recurring Order (GIRO) | Payment made directly to a billing organization. For example, through GIRO direct debit, or GIRO-on-demand. |
| Multi-purpose Stored Value Card | Electronic money stored in a card. For example, NETS Flashpay Card, Cash card, etc. |
| Network for Electronic Transfers (NETS) | Payment for purchases electronically at the point-of-sale. For example, using an ATM card. |
| Telegraphic Transfer (TT) | An electronic means of transferring funds to/from an overseas party with a bank-imposed fee. |
| Telephone / Internet banking | A bank service where a customer can check their account information and perform transactions by the telephone or the internet. |
General Insurance
| General Insurance Products | Definition |
| Accident & Health Insurance | A short-term insurance that provides a payout for accidental injuries and death and/or reimbursement of medical expenses. The policy name usually contains the word “Personal”. |
| Fire & Property Insurance | Covers a property and/or its contents damaged by fire, flooding theft, weather and other risks. |
| Liability Insurance | Covers legal liabilities of the policyholder owed to persons who have been harmed. |
| Marine Insurance | Covers marine liability such as transportation, freight forwarding, and marine vehicles. |
| Motor Insurance | Covers one’s own or a third party’s vehicle repair costs and/or bodily injuries from a motor accident. |
| Travel Insurance | Covers overseas medical emergencies and travel inconveniences, which may include flight cancellation, flight delay, baggage loss/delay, etc. |
| Workmen Compensation | Covers work-related injuries and/or diseases for employees under the Work Injury Compensation Act in Singapore. |
Investment Products
| Investment Products | Definition |
| Bonds or Other Fixed Income | Fund-raising products offered by companies or governments to investors. For example, corporate or government bonds. |
| Collective Investment Schemes/ Pooled Funds | Investors’ funds pooled together to invest in various asset classes or a particular asset class. For example, Unit Trust, Real Estate Investment Trusts (REITs), Exchange Traded Funds (ETFs), Business Trusts, etc. |
| Derivatives/ Hybrid Products | A financial instrument that has its value derived from another product’s movement or value. For example, Futures, Options, Contracts For Differences (CFD), Interest Rates Swaps, etc. |
| Equities | Shares issued by companies to raise capital or financing from investors. They can be purchased through an exchange like the SGX. |
| Foreign Exchange (FX) / Leveraged FX | Investment trading on the Foreign Exchange (FX) markets. |
| Singapore Government Securities | Debt securities issued by the Singapore Government. For example, the Singapore Savings Bond (SSB). |
Life Insurance
| Life Insurance Products | Definition |
| Accident & Health Insurance | Longer term insurance policies that payout in the event of sickness, injury, or hospitalisation. For example, Integrated Shield Plans, Disability Income Insurance, Long-term Care Insurance, Critical Illness Insurance, Hospital Cash Insurance, etc. |
| Annuity | Provides a fixed payment at regular intervals for a fixed period or for life. |
| Investment Linked Products | Life insurance policy which provides a combination of protection and investment. They do not have any guaranteed cash value. |
| Traditional Life (With Profit) | Participating whole life policy providing guaranteed benefits and non-guaranteed benefits. These products may have a “limited pay” period. For example, participating Endowment policies, Whole Life policies, etc. |
| Traditional Life (Without Profit) | Life insurance policy that does not participate in bonuses. There are guaranteed claims benefits and cash values. For example, Term Insurance, Dependents’ Protection Scheme, etc. |