1. When can I go to FIDReC?
A: If you have a dispute with your
financial institution that you haven't
been able to resolve or that hasn't been resolved to your satisfaction,
you should approach FIDReC within 6 months after
you received the final reply letter from the financial institution.
2. How much can I claim?
A: The jurisdiction of FIDReC in adjudicating disputes
between consumers and financial institutions is up to S$100,000 per claim for all claims.
At present, FIDReC's services are available
to all consumers who are individuals or sole-proprietors.
3. How do I file a complaint?
A: Filing a complaint is simple and free of charge. You
may lodge your complaint in person, or by fax,
post or email. If you have any queries or difficulties
in lodging the complaint, you may contact FIDReC at
*Please do not submit the originals of your documents to FIDReC. You should only provide FIDReC with photocopies 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.
4. How much will it cost?
A: 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
5. What if I am not happy with FIDReC's ruling?
A: 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.
6. How long will it take for FIDReC to resolve my dispute?
A: The length of time needed varies with the complexity
of each case. FIDReC seeks to resolve all disputes
as expeditiously as possible.