Preventing and Managing Financial Disputes - Stories by FIDReC
Financial Planning Magazine
, 2019 November Issue, pg 8 -
"In recent years, the Financial Industry Disputes Resolution Centre ("FIDReC") has seen an increase in the claims filed
by consumers against financial advisers licence holders ... Most of these claims related to allegations of inappropriate
advice, misrepresentation or disclosure issues. Most commonly, the product involved was investment-linked insurance
products. Through two case scenarios, this article provides some tips to prevent and manage financial disputes."
Helping Consumers Resolve Financial Disputes
, The Consumer
, 2019 Issue 3, pg 3 - "After an overseas business trip, Timothy took
a taxi home from the airport. When making payment for the taxi fare, he realised his credit card was missing. He immediately called
the bank to block the credit card and made a police report..."
The Straits Times, 28 January 2018 - "1. ENDOWMENT PLANS ARE NOT SAVINGS ACCOUNTS. The banking product you thought you were buying might actually be an insurance product.
Life insurance products, even those bought through a bank, have the same characteristics as those from an insurance company...
2. UNDERSTAND YOUR INSURANCE NEEDS. Customers should understand their insurance needs before buying insurance at a bank..."
The Straits Times, 26 November 2017 - "Most of us use plastic for our purchases because of the ease and convenience it offers,
so understanding how to safeguard our cards is more important than ever as we move towards a cashless society.
The Sunday Times highlights two scenarios relating to credit card disputes provided by the Financial Industry Disputes Resolution Centre (Fidrec)..."
The Straits Times, 26 November 2017 "HACK #1: TAKE STEPS TO SAFEGUARD YOUR CARDS.
It seems obvious but you should take steps to safeguard your cards. Take a scenario where workmen arrive to service your air-conditioner,
the same men who have visited before. "While you have met these people before, you should always ensure that your credit cards are
locked away, or else an adjudicator may find that you were negligent," said the Financial Industry Disputes Resolution Centre (Fidrec)..."
The Straits Times, 25 November 2017 - "It is never a pleasant experience when consumers are dissatisfied with their purchases. ... Sometimes
it is not clear who is at fault and when the issue cannot be settled directly with the provider, the buyer and/or seller may take
the legal and more costly route. The Financial Industry Disputes Resolution Centre (Fidrec) was set up in 2005 to provide
an affordable alternative dispute resolution scheme that is independent and impartial..."
The Straits Times, 12 November 2017 - "Insurance may offer ease of mind during travel but not guarantee complete protection, so it's best to
scrutinise the policy to avoid any unpleasant surprises... The Sunday Times highlights two scenarios provided by the Financial
Industry Disputes Resolution Centre (Fidrec) and a checklist for travellers..."
The Straits Times, 22 December 2016 - "As banks offer more insurance and investment products, what happens if disputes arise? ... It is all well and
good if the tie-ups lead to happy customers who convert their savings into suitable financial investments that make their money
work harder. But statistics from the Financial Industry Disputes Resolution Centre (Fidrec) seem to indicate otherwise..."