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Fidrec doubles non-insurance related adjudicated claims limit to S$100,000
TO give more consumers access to affordable dispute resolution process, the Financial Industry Disputes Resolution Centre (Fidrec) on Wednesday said the limit for non-insurance related adjudicated claims would be raised from S$50,000 to S$100,000 per claim.
This takes effect from Jan 3, 2017.
The new limit would apply automatically to non-insurance related adjudicated claims filed with the financial mediator on or after Jan 3, 2017.
For such claims filed before Jan 3, 2017, and where the grounds of decision have not been read, the complainant might amend his or her claim by increasing the claim amount up to S$100,000.
Complainants can do so by submitting to Fidrec the revision of claim amount form that is available upon request, the centre said.
Non-insurance related claims are disputes between consumers and banks, finance companies, capital markets intermediaries, financial advisers or insurance intermediaries, as well as third party claims.
The move would not affect insurance-related adjudicated claims as the limit is already at S$100,000 per claim.
Fidrec said there is no limit for disputes resolved by mediation.
Goh Joon Seng, Fidrec chairman and retired Supreme Court judge, noted that it was timely for Fidrec to initiate a review of its jurisdiction limit in conjunction with its 10th anniversary last year.
"The increase in jurisdiction limit will allow Fidrec to help more consumers and the financial industry reach an amicable and mutually acceptable resolution in the event of disputes."
The move was also welcomed by Lim Biow Chuan, president of the Consumers Association of Singapore (Case) and a director of Fidrec, who said it would allow more consumers to settle disputes in a less costly manner.