BOX 5
FINANCIAL INDUSTRY DISPUTES RESOLUTION CENTRE

The Financial Industry Disputes Resolution Centre (FIDReC) will be launched this year. FIDReC will provide consumers with an independent and affordable avenue for resolving their disputes across the financial sector in Singapore. FIDReC will take over from the banking industry’s Consumer Mediation Unit and the insurance industry’s Insurance Disputes Resolution Organisation. Capital market transactions will, for the first time, be brought under a dispute resolution scheme. Over 400 financial institutions will be subscribers of FIDReC. FIDReC will be governed by a Board of Directors responsible for overseeing its operations and preserving the independence of its dispute resolution processes.