File a Report: Frequently Asked Questions
You should file a report with MAS only if there is a regulatory breach or misconduct by a financial institution or any of its representatives.
You should only file a report with MAS if you suspect a financial institution or representative has committed a regulatory breach or misconduct. MAS does not resolve individual disputes you may have with a financial institution. You can refer to the following table for more information:
You should not file a report
with MAS for
- Matters relating to service issues (for example, service standards and quality of service provided)
- Contractual disputes
- Matters relating to business decisions of financial institutions (for example, pricing policies)
You should file a report
with MAS for
- Suspected wrongdoing or breach of MAS rules and regulations
- Provision of inappropriate or misleading advice
- Misrepresentation of products
- Lack of disclosure in the sales and advisory process
- Suspected fraud, cheating, criminal breach of trust, forgery or corruption
- Entities engaging in a regulated activity (for example, offering financial advisory services in Singapore) without the proper licence or authorisation
- Investigate the report of misconduct and/or regulatory breach.
- Take regulatory action against the financial institution and any person found to have breached MAS’ rules and regulations.
- Use any relevant information in the review of MAS’ existing policies.
MAS will however not be able to:
- Mediate or adjudicate the dispute between you and your financial institution.
- Direct a financial institution to compensate you or agree to your requests.
- Disclose the outcome of any investigations or action taken against any financial institution or person.
You should contact the financial institution directly to resolve your dispute. Financial institutions regulated by MAS have processes to handle consumer disputes promptly and effectively.
MAS does not resolve individual disputes you may have with a financial institution. This includes matters relating to service issues (for example, service standards and quality of service provided), contractual agreements, and business decisions of financial institutions such as pricing policies.
FIDReC is an independent and impartial institution that provides alternative dispute resolution between consumers and financial institutions.
*For certain disputes involving your Integrated Shield Plans, you may approach CCRP for assistance
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 (CCRP).
You have to file your case within 6 months of your insurer's final reply to the medical practitioner, medical institution or policyholder.
The CCRP is a voluntary claims resolution process that provides insurers, doctors, medical institutions and policyholders an avenue for recourse, should they have issues pertaining to clinical matters involving IP claims. Parties must agree to participate and abide by the decision of the CCRP panel.
Find out more from .
You can consider the following options:
- Approach other alternative dispute resolution service providers such as the .
- Seek legal advice from a lawyer or the if you qualify for legal aid.
MAS will not be able to disclose our dealings with financial institutions and individuals and the outcome of investigations as these are confidential.
If you have a dispute with a financial institution, you should contact the financial institution directly to resolve your dispute.
MAS does not have the authority to direct a financial institution to agree to requests from consumers.
- You can refer to the which lists the financial institutions regulated by MAS and the regulated activities they are authorised to provide.
- To check if a person you are dealing with is an appointed representative, you can do a search through the . The Register of Representatives is a public record of individuals who conduct regulated activities under the Securities and Futures Act and provide financial advisory services under the Financial Advisers Act.
MAS does not have the authority to take action against entities or individuals who are not licensed or authorised by MAS to provide financial services in Singapore.
However, regardless of whether an entity is regulated by MAS, it is an offence to engage in fraudulent or deceptive business practices in Singapore. If you have reasons to suspect that an unlicensed entity may have committed a criminal wrongdoing or fraud, you may or email SPF_Police_Information@spf.gov.sg.
MAS strongly encourages consumers seeking financial services to deal only with MAS aims to safeguard consumer interests by ensuring that only professional persons are allowed to provide financial services. If consumers deal with unlicensed entities that are not regulated by MAS, they forgo the protection afforded under laws administered by MAS.