DISPUTE RESOLUTION

Part I: Steps To Follow To Resolve A Problem With Your Financial Institution

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.

There are two easy steps to follow:
Step 1: Resolving your problem with the financial institution.
Step 2: Approaching an independent dispute resolution scheme.

The contact details of banks can be obtained here.

Industry-Based Dispute Resolution Schemes

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

Part II: When You Should Report A Matter To MAS

As the financial sector regulator, MAS' role is to ensure that financial institutions conduct their businesses in an appropriate 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 or write to

Monetary Authority of Singapore
Consumer Issues Division
Capital Markets Department
10 Shenton Way
MAS Building
Singapore 079117
Fax : (65) 6225-9766