The Financial Industry Disputes Resolution Centre Ltd

The Financial Industry Disputes Resolution Centre Ltd (FIDReC) is an independent and impartial institution specialising in the resolution of disputes between financial institutions and consumers. FIDReC subsumes the work of the Consumer Mediation Unit (CMU) of the Association of Banks in Singapore and the Insurance Disputes Resolution Organisation (IDRO).

FIDReC provides an affordable and accessible one-stop avenue for consumers to resolve their disputes with financial institutions. It also streamlines the dispute resolution processes across the entire financial sector of Singapore.

FIDReC provides an affordable avenue for consumers who do not have the resources to go to court or who do not want to pay hefty legal fees. It is staffed by full-time employees familiar with the relevant laws and practices.

FIDReC was initiated by the financial sector to make its services more professional, transparent, customer focused and service oriented. It was officially launched on 31 August 2005 by Mr Heng Swee Keat, Managing Director of the Monetary Authority of Singapore.

FIDReC's Dispute Resolution Process

The dispute resolution process of FIDReC comprises Mediation (1st Stage) and Adjudication (2nd Stage).

  • Mediation (1st Stage)
    When a complaint is first received, it is case managed by FIDReC's Case Manager. The complainant and the financial institution are encouraged to resolve the claim/dispute in an amicable and fair manner. In appropriate cases, the Case Manager mediates the dispute between the parties.
  • Adjudication (2nd Stage)
    When the dispute is not settled by mediation, the case is heard and adjudicated by a FIDReC Adjudicator or a Panel of Adjudicators. Consumers pay a nominal administrative fee of $50 when their cases proceed for adjudication, and the financial institution pays S$500.

How do I file a claim with FIDReC?

You can approach FIDReC directly who will advise you on how to go about filing your dispute.

Filing a dispute and having a Case Manager review your dispute is free of charge. If a Case Manager takes your dispute with the insurer concerned and is unable to facilitate a resolution, you can then have your dispute decided by an FIDReC's appointed adjudicator or panel of adjudicators depending on the loss amount that you are claiming for. If you choose to do so, you need to pay a nominal administrative fee of S$50.

The ruling of its adjudicator or panel of adjudicators is final and binding on the insurer, but not on you. If you are not happy with its ruling, you are free to reject it and pursue a settlement through legal action or other options. However, if you accept its ruling, this means you have chosen to give up your right to proceed with legal action against the insurer.

Industry Support

FIDReC is an independent organisation with a Board of seven directors chaired by retired Supreme Court Judge Mr Goh Joon Seng that includes three consumer directors and three industry directors.

The composition of the Board ensures FIDReC's independence, fairness, accessibility and transparency. FIDReC was created to ensure balanced representation for consumers and the financial sector.


When can I go to FIDReC?

You can go to FIDReC if you have a dispute with your financial institution that you haven't been able to resolve or that hasn't been resolved to your satisfaction.

How much can I claim?

The jurisdiction of FIDReC in adjudicating disputes between consumers and financial institutions is as follows:

1. For claims between insureds and insurance companies: up to S$100,000
2. For disputes between banks and consumers, capital market disputes and all other disputes (including third party claims and market conduct claims): up to S$50,000.

At present, FIDReC's services are available to all consumers who are individuals or sole-proprietors.

How do I file a claim?

Filing a claim is simple and free of charge. You may lodge your complaint/claim in person, or by fax, post or email. If you have any queries or difficulties in lodging the complaint, you may contact FIDReC at 6327 8878.

How much will it cost?

Filing a claim is free of charge. Where a Case Manager takes your claim up with the financial institution concerned and is unable to facilitate a resolution, you can then choose to refer your claim to adjudication. If you choose to do so, you need only pay a nominal administrative fee of S$50.

What if I am not happy with FIDReC's ruling?

The decision of the Adjudicator or panel is final and binding on the financial institution, but not on you. If you are not happy with the decision, you are free to reject the decision and pursue your claim through other avenues. This essentially means that there is no disadvantage at all for you if you choose to lodge your complaint/claim with FIDReC.

How long will it take for FIDReC to resolve my dispute?

The length of time needed varies with the complexity of each case. FIDReC seeks to resolve all disputes as expeditiously as possible.

Contact FIDReC

For more information about FIDReC and how we can help you, stop by or contact us at:

By email:
By phone: 6327-8878
By fax: 6327-8488
On the web:

Registered Address
36 Robinson Road
City House
Singapore 068877