30 June 2025 - FIDReC Extends Jurisdiction to Include Financial Disputes from Small Businesses and Charities

Marking a major milestone, the move enables over 200,000 small businesses and 2,000 charities to resolve financial disputes affordably and efficiently — without the need for costly legal action.

Singapore, 30 June 2025 - The Financial Industry Disputes Resolution Centre Ltd (FIDReC), the designated financial dispute resolution institution for consumers, is extending its jurisdiction to include small businesses and charities from tomorrow (1 July 2025).
With this extension of FIDReC’s jurisdiction, over 200,000 small businesses[1] and 2,000 charities[2] who have disputes arising on or after 1 July 2025 against licensed financial institutions subscribed to FIDReC, can bring their unresolved disputes to FIDReC.
FIDReC’s jurisdiction, including the definition of an ‘Eligible Complainant’, is governed by its Terms of Reference, as set out in Section 6 of the Financial Services and Markets (Dispute Resolution Schemes) Regulations 2023[3].

Expanding access to FIDReC levels the playing field for small businesses and charities in dealings with financial institutions, reinforcing Singapore’s standing as a fair and inclusive financial hub — where all parties, regardless of size, can seek meaningful resolution.

Eunice Chua, FIDReC CEO, said: “In today’s volatile global economy, small businesses and charities in Singapore face mounting challenges. We recognise that managing financial disputes on top of day-to-day operations can be overwhelming, and that these organisations are akin to individual consumers in their ability to deal with financial disputes. Our 2024 public consultation showed strong support for making FIDReC accessible to small businesses although we delayed implementing this change to address the concerns voiced. This expansion is aligned with Singapore’s broader push to strengthen support for small businesses and build a more resilient non-profit sector.”

Ho Kai Weng, Chief Executive of the General Insurance Association (GIA) of Singapore said: “GIA welcomes and supports the inclusion of small businesses and charities, allowing them to benefit from FIDReC’s fast dispute resolution and low costs. We hope that future inclusions will add other entities like small societies and associations.”

Ong-Ang Ai Boon, Director of ABS, said: “FIDReC’s expansion to include small businesses and charities is a welcomed move for the banking sector, reaffirming our commitment to trust, transparency, and accountability. These segments, which often rely on banking services, now have greater access to fair and independent dispute resolution, further strengthening confidence in the broader financial ecosystem.”

Providing independent and affordable dispute services
FIDReC is the only financial dispute resolution institution in Singapore as set out in the First Schedule of the Financial Services and Markets (Dispute Resolution Schemes) Regulations 2023^[4]. It provides impartial, efficient and affordable mediation and adjudication services to resolve disputes with licensed financial institutions such as banks, finance companies, life insurers, general insurers, capital markets services licensees, financial advisers, insurance brokers, and major payment institutions providing account issuance services.
Since it was launched in August 2005, FIDReC has handled over 23,000 claims, providing fair and accessible redress without the need for costly legal action.

New Types of Claims Under Expanded Jurisdiction
With its jurisdiction now extended to include small businesses and charities, FIDReC will also handle a broader range of claims. These include:

• Disputes over employee medical insurance claims
• Insurance claims involving company-owned vehicles
• Issues with business banking services and corporate card accounts
• Loan agreement-related disputes

1. Submit Your Complaint
   1. Register as a complainant at www.fidrec.com.sg and check if the case qualifies.
   2. Fill in the complaint details online.
   3. A nominee can be appointed if the complainant is not fluent in English.
2. Early Resolution Attempt
   1. FIDReC notifies the financial institution, and it has 10 business days to resolve the issue directly with the complainant.
3. Mediation
   1. If early resolution is unsuccessful and the dispute is under FIDReC’s jurisdiction, mediation begins.
   2. FIDReC facilitates discussions to help both parties reach a mutually acceptable solution.
4. Adjudication (if needed)
   1. If mediation fails, the complainant can choose to have an adjudicator decide the outcome. The adjudicator’s decision will bind the financial institution, but the complainant can choose whether to accept it. If a complainant is dissatisfied with the adjudicator’s decision, the complainant’s legal rights are not affected, and they can seek recourse at other avenues outside FIDReC.

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About FIDReC
Launched on 31 August 2005, the Financial Industry Disputes Resolution Centre Ltd (FIDReC) is a not-for-profit company limited by guarantee. We specialise in the resolution of consumer financial disputes through mediation and adjudication.
FIDReC’s services are available to consumers who are individuals or sole proprietors, and from, 1 July 2025, they will be extended to small businesses and charities. Consumers may come to FIDReC when they cannot resolve their issues with their financial institutions. Financial institutions include banks, finance companies, life insurers, general insurers, capital markets services licensees, licensed financial advisers, insurance brokers, and major payment institutions providing account issuance services.

Media Contact:
Goh Wu Chong (Associate Partner)
Gloo PR
HP: 9387 8407
Email: wuchong@gloopr.biz