Frequently Asked Questions

1. What is the role of FIDReC?
FIDReC is an Alternative Dispute Resolution institution specialising in the resolution of financial disputes. FIDReC's mission is to provide an affordable alternative dispute resolution scheme that is independent and impartial, so as to encourage and assist in the resolution of disputes between consumers and financial institutions in an amicable and fair manner.
FIDReC provides an affordable and accessible one-stop avenue for consumers to mediate and adjudicate their disputes with financial institutions without going to court.
More details on FIDReC's dispute resolution process can be found here.

2. What types of claims does FIDReC handle?
At present, FIDReC's services are available to consumers who are individuals or sole-proprietors and who have a dispute with their financial institution who is a subscriber of FIDReC.
The consumer must first approach the financial institution and if the financial institution has not been able to resolve the dispute satisfactorily, the consumer can then file a claim at FIDReC. The consumer must file the claim within 6 months of receiving a final reply from the financial institution.
More details on FIDReC's jurisdiction can be found here.

3. Is FIDReC a government agency?
No, FIDReC is not a government agency and does not have any power over financial institutions in Singapore. It is a public company limited by guarantee.

4. Does FIDReC appoint lawyers to represent consumers in their disputes or to assist in enforcing their claims against the financial institutions?
No, consumers who require a lawyer can search for one from the Legal Services Regulatory Authority. Consumers can also seek the help of the Legal Aid Bureau but should note that they have to meet specific conditions before the Legal Aid Bureau will be able to help.
5. Does FIDReC provide legal, financial or other professional advice?
No, FIDReC is an Alternative Dispute Resolution institution and does not provide any legal, financial or other professional advice. Consumers who require such advice may engage the appropriate professionals at their own cost.

6. What is mediation at FIDReC like?
A FIDReC Case Manager will first look into the dispute to verify if FIDReC is able to handle it. If so, the Case Manager will facilitate discussions between the consumer and the financial institution with the aim of helping all parties find a mutually acceptable outcome. This may be done by telephone, over email, or at a meeting. Mediation may involve the case manager communicating with each party privately or with all parties jointly.

7.What is adjudication at FIDReC like?
Both the consumer and the financial institution will prepare written submissions to explain their case to the Adjudicator. They will also have the opportunity to present their case to the Adjudicator at a hearing. With the agreement of all parties and the approval of the Adjudicator, the adjudication may also take place on a documents-only basis, i.e. the Adjudicator will decide the case based on the written submissions of the parties.

8. How much can I claim?
The jurisdiction of FIDReC in adjudicating disputes between consumers and financial institutions is up to S$100,000 per claim.

9. How do I file a complaint?
Filing a complaint is simple and free of charge. You may obtain the Dispute Resolution Form here and fill it up. You may then submit it in person, or by fax, post or email. If you have any queries or difficulties in lodging the complaint, you may contact FIDReC for help.

*Please do not submit the originals of your documents to FIDReC. You should only provide FIDReC with copies of the documents supporting your complaint.
FIDReC will not be responsible for the loss of any original documents if you provide such original documents to FIDReC.

10. How much will filing a complaint cost?
Filing a complaint is free of charge. Where a Case Manager takes your complaint up with the financial institution concerned and is unable to facilitate a resolution, you can then choose to refer your complaint to adjudication. If you choose to do so, you need to pay an adjudication case fee.

11. What if I am not happy with the Adjudicator's ruling?
The decision of the Adjudicator or panel is final and binding on the financial institution, but not on you. If you are not happy with the decision, you are free to reject the decision and pursue your complaint through other avenues. This essentially means that there is no disadvantage at all for you if you choose to lodge your complaint with FIDReC.

Kindly note that there is no appeal process at FIDReC.

12. How long will it take for FIDReC to resolve my dispute?
The length of time needed varies with the complexity of each case. FIDReC seeks to resolve all disputes as expeditiously as possible and most cases are resolved in 6 months.

13. I have some feedback for FIDReC on its services. How can I convey my feedback to FIDReC?
You may email the FIDReC Feedback Review Committee at The Feedback Review Committee will look into your feedback and respond to you in due course.