The Financial Industry Disputes Resolution Centre Ltd (FIDReC) is an independent and impartial institution specialising in the resolution of disputes between financial institutions and consumers. FIDReC subsumes the work of the Consumer Mediation Unit (CMU) of the Association of Banks in Singapore and the Insurance Disputes Resolution Organisation (IDRO).
FIDReC provides an affordable and accessible one-stop avenue for consumers to resolve their disputes with financial institutions. It also streamlines the dispute resolution processes across the entire financial sector of Singapore. FIDReC provides an affordable avenue for consumers who do not have the resources to go to court or who do not want to pay hefty legal fees. It is staffed by full-time employees familiar with the relevant laws and practices.
2. How much can I claim?
A: The jurisdiction of FIDReC in adjudicating disputes between consumers and financial institutions is as follows:
(1) For claims between insureds and insurance companies: up to S$100,000
(2) For disputes between banks and consumers, capital market disputes and all other disputes (including third party claims and market conduct claims): up to S$50,000
At present, FIDReC’s services are available to all consumers who are individuals or sole-proprietors.