Step 1: Resolving your problem with the financial institution.

You should contact the financial institution to give them a chance to sort out your problem. Speak directly to the staff who attended to you or call the Customer Helpline. If they are unable to resolve your problem, you can write a letter to the Quality Service Department or a senior person in the financial institution.

Has your problem been resolved?  If the answer is yes, you can stop here. If not, go to the next step.

Step 2: Approaching an independent dispute resolution scheme.

You can approach an independent industry-based dispute resolution scheme. The Financial Industry Disputes Resolution Centre Ltd (FIDReC), which helps to resolve disputes between consumers and financial institutions, can only help you if you have taken Step 1. For more information on FIDReC, you can visit their website or email them at:

IDRO: www.fidrec.com.sg / info@fidrec.com.sg

Has your problem been resolved?  If the answer is yes, you can stop here. If not, you may wish to consider other options described below.

Other Options:
(a) Approaching the Consumers Association of Singapore (CASE), Singapore Mediation Centre (SMC) or Small Claims Tribunal (SCT).
(b) Taking your case to court.

You may wish to approach CASE, SMC or SCT for help before considering the option of bringing your case to court. This is because taking legal action can be a lengthy and costly process. You can find out more about these organizations at:

CASE: www.case.org.sg / complaints@case.org.sg
SMC: www.mediation.com.sg / enquiries@mediation.com.sg
SCT: www.subcourts.gov.sg

If you wish to take legal action against the financial institution concerned, you should seek the advice of your lawyers.

MAS can...

• Investigate wrongdoings by financial institutions.
• Take regulatory action against financial institutions that have breached our rules and regulations.

MAS cannot...

• Intervene in matters relating to service standards, commercial decisions such as pricing policies of financial institutions, contractual arrangements and civil disputes.
• Give legal advice or comment on cases that have been heard in court or are pending legal action.
• Order financial institutions to compensate you.
• Disclose the outcome of any investigations or actions taken against individual financial institutions.