Tips on Resolving a Financial Dispute
Not sure how you can seek redress on your disputes with your financial service provider? This Guide will show you the steps you should take in resolving your problem, and provide you with information on the various parties that you can approach if you have a problem.
Step 1: Resolving your problem with the financial institution
All financial institutions are expected to handle consumer complaints and feedback independently and promptly. Most financial institutions have dedicated staff handling such matters. You should seek help on your problems with your financial institution first as they have easy access to your records.
The contact details of banks can be obtained here.
Step 2: Approaching an independent dispute resolution scheme.
The following is the contact details of the independent industry-based dispute resolution scheme that may be able to assist you if you are unable to resolve your problem with your financial institution:
Financial Industry Disputes Resolution Centre Ltd (FIDReC)
Launched on 31 August 2005, the Financial Industry Disputes Resolution Centre Ltd (FIDReC) provides you with an independent and affordable avenue for resolving your disputes across the financial sector in Singapore. FIDReC took over from the banking industry's Consumer Mediation Unit (CMU) and the insurance industry's Insurance Disputes Resolution Organisation (IDRO). FIDReC also brings capital market transactions, for the first time, under a dispute resolution scheme. FIDReC will provide you with the convenience of a one-stop centre for resolving disputes relating to your banking, insurance and capital market transactions. For more information on FIDReC, please visit www.fidrec.com.sg.
Telephone: (65) 6327-8878
Fax: (65) 6327-8488
Address: Financial Industry Disputes Resolution Centre Ltd (FIDReC)
112 Robinson Road #13-03 HB Robinson
When You Should Report A Matter To MAS
As the financial sector regulator, MAS' primary role is one of regulatory oversight of financial institutions in conducting their businesses in a prudent manner and in accordance with the law. MAS is unable to resolve commercial disputes between you and your financial institution or order the financial institution to pay compensation to you. We are, however, interested in matters that may raise issues of supervisory concern. These include violations of our rules and regulations, and breaches of other relevant codes of practice and guidelines. Find out more with this Guide, which explains when you should report a matter to MAS.
If you wish to report a problem you have with your financial institution, please click here.