Disputes can happen when you don't agree with a decision made by your financial institution or how it has dealt with your matter. Find out how best to resolve such disputes and how to approach Financial Industry Disputes Resolution Centre for help.
What to do if you have a dispute
If you have a dispute with your financial institution (FI), these are the recommended steps you can take to resolve the matter.
Speak to your FI first
You should first contact your FI so as to give it a chance to sort out your problem and put things right.
Explain clearly what your issue is about and how you would like it resolved.
The Monetary Authority of Singapore (MAS) expects all FIs to handle consumer complaints and feedback promptly and effectively.
TipYou can find your FI's contact details using this Financial Institutions Directory.
Approach FIDReC for assistance
If you are still unable to settle the matter after contacting the FI and trying to resolve it, you should next approach the Financial Industry Disputes Resolution Centre Ltd (FIDReC).
You have to do so within 6 months of receiving the final reply from the FI to ensure that FIDReC is able to assist you.
FIDReC is an independent and affordable avenue for resolving problems that cannot be settled directly with your FI. They resolve disputes relating to banking, insurance and capital market transactions. Check with FIDReC on the types of cases they can handle.
For Integrated Shield Plan (IP) claim disputes with insurers that are of a clinical nature, you may wish to consider filing your case under the Clinical Claims Resolution Process.
The Clinical Claims Resolution Process is a voluntary process that provides insurers, doctors, medical institutions, and policyholders an avenue for recourse. Parties must agree to participate and abide by the decision of the expert panel.
You have to file your case within 6 months of your insurer's final reply to the medical practitioner, medical institution or policyholder.
Taking legal action
Taking legal action should be your last resort as it can be time-consuming and costly.
If you want to engage a lawyer to take legal action on your behalf, you can search for one from the Legal Services Regulatory Authority. You can also seek the help of the Legal Aid Bureau if you need legal aid or advice. However, you have to meet the specific conditions before the Legal Aid Bureau will help you.
When you should report a matter to MAS
MAS is unable to resolve commercial disputes between you and your FI, such as those regarding your FI's pricing policies or contractual arrangements with you, or order your FI to compensate you.
However, while you must seek to resolve the dispute with your FI, you should report to MAS when you come across the following:
- Inappropriate or misleading advice.
- Misrepresentation of products.
- A lack of disclosure in the sales and advisory process.
You should also report to MAS when you suspect that an FI has committed offences such as fraud, cheating, criminal breach of trust, forgery, fraudulent accounting or corruption.
If you wish to report to MAS suspected wrongdoing or breaches by your FI, you can make your report here.