FINANCIAL INDUSTRY DISPUTES
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 industrys
Consumer Mediation Unit and the insurance industrys
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.