QUESTION NO 3543
NOTICE PAPER 1398 OF 2022
FOR WRITTEN ANSWER
Date: For Parliament Sitting on 04 October 2022
Name and Constituency of Member of Parliament
Mr Gan Thiam Poh, MP, Ang Mo Kio GRC
Question:
To ask the Prime Minister (a) how many claims have been filed with the Financial Dispute Resolution Centre for the past three years; and (b) of which, how many have been successfully resolved.
Answer by Mr Tharman Shanmugaratnam, Senior Minister and Minister in charge of MAS:
1. For financial years 2020-2022, a total of 3,137 claims or around a thousand cases each year, were filed with and handled by the Financial Industry Disputes Resolution Centre Ltd (“FIDReC”).
2. As of 23 September 2022, 2,922 or 93% of these claims had been resolved upon mediation or adjudication. The cases that remain unresolved are mainly more recent claims filed since March 2022. Based on FIDReC’s data for its past three financial years1, about 89% of cases are resolved within six months and 97% within nine months.
* * *
[1] 1 July 2019 – 30 June 2022.