FIDREC

I have written before to go to the banks with your folks, and just last week, I have a client who was misled into buying an insurance product walking into one of the bank to renew her FIXED DEPOSIT.

One can seek redress from the insurer, but some time it is frustrating and no solution is given.

I am writing to you this avenue, in a way, you can also use this against me, if I fail you in the future.

Go to FIDREC website and seek resolution for such mis-selling, if you have folks who are being misled or mis-sold a product not of their understanding.

The website is at http://www.fidrec.com.sg/website/faq.html

The Financial Industry Disputes Resolution Centre Ltd (FIDReC) is an independent and impartial institution specialising in the resolution of disputes between financial institutions and consumers. FIDReC subsumes the work of the Consumer Mediation Unit (CMU) of the Association of Banks in Singapore and the Insurance Disputes Resolution Organisation (IDRO).

FIDReC provides an affordable and accessible one-stop avenue for consumers to resolve their disputes with financial institutions. It also streamlines the dispute resolution processes across the entire financial sector of Singapore.

FIDReC provides an affordable avenue for consumers who do not have the resources to go to court or who do not want to pay hefty legal fees. It is staffed by full-time employees familiar with the relevant laws and practices.

FIDReC was initiated by the financial sector to make its services more professional, transparent, customer focused and service oriented. It was officially launched on 31 August 2005 by Mr Heng Swee Keat, Managing Director of the Monetary Authority of Singapore.