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FIDReC — Financial Industry Disputes Resolution Centre

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| Document Type | IBF | | Status | current | | Last Updated | 2026-05-02 | | Source | https://www.fidrec.com.sg/about/ |

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Overview

The Financial Industry Disputes Resolution Centre Ltd (FIDReC) is an independent and impartial institution specialising in the resolution of disputes between consumers and financial institutions in Singapore. FIDReC was established on 31 August 2005 by the merger of the Consumer Mediation Unit (CMU) of the Association of Banks in Singapore and the Insurance Disputes Resolution Organisation (IDRO). FIDReC operates as a not-for-profit company limited by guarantee and is approved by MAS as an alternative dispute resolution scheme.

Jurisdiction

Types of Disputes Handled

FIDReC handles disputes arising from:

Category Examples
Banking Deposits, loans, credit cards, remittances, safe deposit boxes
Insurance Life, health, general, motor, travel, personal accident claims
Capital Markets Securities trading, futures, unit trusts, structured deposits
Financial Advisory Investment advice, suitability of recommendations, mis-selling
Electronic Payments Credit/debit card disputes, online banking, mobile payments

Claim Limits

Stage Maximum Claim Amount
Mediation SGD 150,000 (raised from SGD 100,000 in 2023)
Adjudication SGD 150,000 (raised from SGD 100,000 in 2023)
Market conduct claims SGD 150,000 (raised in 2023; was SGD 100,000; was SGD 50,000 before 2017 revision)
Third-party claims Not within FIDReC jurisdiction

Eligibility Criteria

A claim is eligible for FIDReC if:

  1. Claimant — Must be an individual consumer (not a company or business entity)
  2. Respondent — Must be a financial institution that is a member of FIDReC (all MAS-regulated FIs are members)
  3. Claim amount — Does not exceed SGD 150,000 (raised in 2023)
  4. Time limit — Claim must be filed within 6 years of the date the dispute arose
  5. Prior attempt — Claimant must have first attempted to resolve the dispute directly with the financial institution
  6. Internal complaint — The financial institution's internal complaints process must have been exhausted or the FI failed to respond within 4 weeks
  7. Not pending elsewhere — The dispute must not be the subject of ongoing legal proceedings

Excluded Disputes

FIDReC does not handle:

  • Disputes involving commercial or business transactions
  • Claims above SGD 150,000
  • Disputes relating to a financial institution's commercial or pricing decisions
  • Employment disputes between representatives and their firms
  • Disputes already settled by court judgment or arbitration award
  • Disputes involving policy of general application (e.g., interest rate changes affecting all customers)

Complaint Procedure

Step 1: Internal Complaint to Financial Institution

Before approaching FIDReC, the consumer must:

  1. Lodge a formal written complaint with the financial institution
  2. Allow the institution up to 4 weeks to provide a final response
  3. Retain copies of all correspondence and documentation
  4. If unsatisfied with the response (or no response received), proceed to FIDReC

Step 2: Filing a Claim with FIDReC

Filing Method Details
Online Via FIDReC website (www.fidrec.com.sg)
In person At FIDReC office
By mail FIDReC, 36 Robinson Road, #15-01, City House, Singapore 068877
Filing fee SGD 50 (non-refundable, waived for low-income claimants)

Required documentation:

  • Completed FIDReC claim form
  • Copy of identification document
  • Copies of all correspondence with the financial institution
  • Supporting evidence (contracts, statements, receipts, etc.)
  • Details of the claim and relief sought

Step 3: Case Assessment

Upon receipt of the claim, FIDReC will:

  1. Review the claim for jurisdictional eligibility
  2. Notify the respondent financial institution within 7 working days
  3. Request the financial institution to submit its response and supporting documents
  4. Assign a case manager to oversee the dispute

Mediation Process

How Mediation Works

Mediation is the first stage of dispute resolution at FIDReC:

  1. Appointment of Mediator — FIDReC assigns a trained mediator from its panel
  2. Mediation Conference — Both parties attend a mediation session (typically 2–4 hours)
  3. Voluntary Process — Mediation is non-binding; both parties must agree to any settlement
  4. Confidentiality — All mediation discussions are confidential and without prejudice
  5. Timeline — FIDReC aims to complete mediation within 3 months of filing

Mediation Outcomes

Outcome Description
Settlement Both parties agree on resolution; settlement agreement is binding once signed
Partial settlement Some issues resolved, remainder may proceed to adjudication
No settlement Parties unable to agree; case may proceed to adjudication
Withdrawal Claimant withdraws the claim

Mediation Success Rates

FIDReC reports that approximately 70–80% of cases are resolved at the mediation stage without proceeding to adjudication.

Adjudication Process

When Adjudication Occurs

If mediation fails to resolve the dispute, the claimant may request adjudication. The claimant must:

  • File a request for adjudication within 6 months of the close of mediation
  • Pay an additional adjudication fee (SGD 50 for claims up to SGD 50,000; SGD 100 for claims above SGD 50,000)

How Adjudication Works

  1. Panel Assignment — FIDReC appoints an adjudicator from its panel of qualified professionals (lawyers, accountants, industry experts)
  2. Written Submissions — Both parties submit detailed written arguments and evidence
  3. Hearing — Adjudicator may convene an oral hearing if necessary
  4. Assessment — Adjudicator considers the evidence, applicable law, industry standards, and codes of practice
  5. Award — Adjudicator issues a written award with reasons

Adjudication Standards

The adjudicator considers:

  • Applicable laws and regulations
  • MAS notices, guidelines, and circulars
  • Industry codes of practice and best practices
  • What is fair and reasonable in the circumstances
  • The FI's internal policies and procedures
  • Documentary evidence from both parties

Binding Nature of Awards

Party Binding? Right to Reject
Financial Institution Yes — must comply if claimant accepts the award No right to reject
Claimant Optional — can accept or reject the award May reject and pursue court action instead

If the claimant accepts the award: - The financial institution must comply within 30 days - The claimant waives the right to pursue the same claim in court - The award is final and not subject to appeal

If the claimant rejects the award: - The claimant retains the right to pursue the claim in court - The adjudication award cannot be used as evidence in court proceedings - FIDReC has no further role in the dispute

Financial Institution Obligations

Membership

All MAS-regulated financial institutions are required to be members of FIDReC. This includes:

  • Banks and finance companies
  • Insurance companies and insurance intermediaries
  • Capital markets services licensees (including CMS licence holders whose representatives are managed through Regnify)
  • Licensed financial advisers
  • Approved trustees
  • Licensed trust companies

Cooperation Requirements

Member financial institutions must:

  1. Respond promptly — Submit responses to FIDReC claims within prescribed timeframes
  2. Attend mediation — Send a representative with authority to settle at mediation sessions
  3. Provide documents — Disclose relevant documents as requested by FIDReC
  4. Comply with awards — Honour accepted adjudication awards within 30 days
  5. Not retaliate — Must not take adverse action against customers who file FIDReC claims
  6. Pay subscription fees — Annual subscription fees based on the institution's size and claim volume

Internal Complaints Handling

MAS expects financial institutions to have robust internal complaints handling processes:

  • Designated complaints handling unit
  • Written complaints handling procedures
  • Acknowledgement of complaints within 3 business days
  • Final response within 4 weeks (or interim update if more time needed)
  • Escalation procedures for unresolved complaints
  • Record keeping of all complaints and resolutions

Costs and Fees

Fee Structure

Fee Amount Payable By
Filing fee (mediation) SGD 50 Claimant
Adjudication fee (claims up to SGD 50,000) SGD 50 Claimant
Adjudication fee (claims SGD 50,001–100,000) SGD 100 Claimant
Annual subscription fee Varies by institution size Financial institution
Case fee per claim SGD 500–2,000 per case Financial institution
  • Claimants do not need legal representation at FIDReC
  • The process is designed to be accessible to individual consumers
  • Both parties may bring a support person to mediation sessions
  • Legal representation is permitted but not necessary at adjudication

FIDReC Statistics

Annual Caseload (Typical Year)

Metric Approximate Volume
Total claims received 3,000–5,000 per year
Banking-related claims 40–50%
Insurance-related claims 35–45%
Capital markets claims 5–10%
Financial advisory claims 5–10%
Mediation resolution rate 70–80%
Average time to resolution (mediation) 2–3 months
Average time to resolution (adjudication) 6–9 months

Relevance to Regnify

FIDReC is relevant to Regnify's compliance platform because:

  1. Representative Conduct Monitoring — FIDReC claims arising from a representative's conduct should be tracked as part of their compliance record
  2. Fit and Proper Assessment — Patterns of FIDReC complaints may indicate issues with a representative's fitness and propriety
  3. Complaint Tracking — Financial institutions using Regnify can track FIDReC claims alongside internal complaint data
  4. Training Needs — Recurring complaint themes can inform targeted training for representatives
  5. Regulatory Reporting — MAS requires FIs to report complaint statistics, including FIDReC escalations

Source Documents

  • FIDReC Terms of Reference, Financial Industry Disputes Resolution Centre Ltd
  • MAS Guidelines on Complaints Handling
  • MAS Notice on Dispute Resolution Schemes
  • FIDReC Annual Report
  • Last verified: 2026-03-15

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