Asked Questions (FAQ)
The Role of the Financial Industry Disputes Resolution Centre Ltd (FIDReC)
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 resolve their disputes with financial institutions without going to court.
More details on FIDReC's dispute resolution process can be found here.
Is FIDReC a government agency?
No, FIDReC is not a government agency. It is a public company limited by guarantee.
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 assistance in appointing lawyers may approach the Law Society of Singapore.
Does FIDReC provide legal, financial or other professional advice?
No, FIDReC is an Alternative Dispute Resolution institution and therefore does not provide any legal, financial or other professional advice.
Disputants who require such advice may engage the appropriate professionals at their own cost.