By The Ledger desk · Last verified 11 October 2026
The Financial Industry Disputes Resolution Centre (FIDReC) is Singapore’s independent body for settling disputes between consumers and banks, insurers and other subscribed financial institutions, without going to court. First you must complain to the institution itself. If its final reply does not satisfy you, file with FIDReC within six months. Filing is free. A case manager tries mediation; if no settlement is reached, you may choose adjudication, paying a case fee. Adjudicators can award up to S$150,000 per claim (for claims filed from 1 July 2024), and the decision is binding on the institution but not on you, so you keep the right to go to court.
Taking on a big bank can feel daunting. FIDReC exists so that it does not have to be, and a calm, well-documented case goes a long way.
Quick facts
- Who can file: individuals, sole proprietors, small businesses and charities, plus some beneficiaries and insured third parties.
- The institution must be a FIDReC subscriber; the list is on FIDReC’s website.
- Deadline: six months from the institution’s final reply.
- Mediation has no claim limit; adjudication is capped at S$150,000.
- Most cases are resolved within about six months.
- Small non-injury motor claims under S$3,000 against insurers may go to a separate FIDReC-NIMA scheme.
How the process runs
| Stage | What happens | Cost to you |
|---|---|---|
| 1. Complain to the institution | Put it in writing and ask for a final reply | Free |
| 2. File with FIDReC | Online, within six months of the final reply | Free |
| 3. Early resolution | 10 business days in which the institution may contact you to settle | Free |
| 4. Mediation | A case manager helps both sides reach an agreement, by phone, email or meeting | Free |
| 5. Adjudication | An independent adjudicator hears both sides and decides | Case fee, per FIDReC’s schedule |
| 6. Decision | Accept it and the institution must comply; reject it and you may still sue | No appeal within FIDReC |
What FIDReC can and can’t look at
Typical cases include rejected insurance claims, disputed card charges, mis-selling of investments or policies, and errors in bank transactions. FIDReC will not handle:
- an institution’s commercial decisions or pricing, such as interest rates and fees;
- complaints only about an investment’s poor performance;
- matters under police or other law enforcement investigation;
- cases already settled privately, decided by a court, or already handled by FIDReC without new information.
Worked example: a rejected insurance claim
- Farah’s travel insurer rejects her S$4,800 claim for a cancelled trip. She writes to the insurer, attaching her policy, receipts and the airline’s notice.
- The insurer sends its final reply on 1 March 2027, upholding the rejection.
- Her FIDReC deadline is therefore 1 September 2027, six months later. She files in April, free of charge.
- At mediation, the insurer offers S$3,000. She may accept, or reject it and choose adjudication.
- If the adjudicator awards her S$4,800, the insurer must pay if she accepts. If the award is lower than she hoped, she can still go to court.
The WahLiao Verdict
Always complain to the institution in writing first and ask clearly for its final reply, because that letter starts your six-month clock. Keep every document, write a short timeline, and say exactly what outcome you want. FIDReC costs nothing to try, the institution is bound if you accept the result, and you lose no legal rights by using it, so it is the sensible next step before any lawyer.
Questions people ask
Do I need a lawyer?
No. The process is designed for consumers to handle themselves, and it is confidential.
My bank never sent a final reply. Can I still file?
The institution must have had a fair chance to resolve it. If it has not responded, contact FIDReC to ask how to proceed.
My claim is over S$150,000. Is FIDReC useless?
Not at all. Mediation has no claim limit; only adjudication awards are capped.
Can FIDReC help with scam losses?
It will not take cases under police investigation. For phishing losses, check how the Shared Responsibility Framework applies, and contact the police first.
Sources: FIDReC, overview and claim limits; FIDReC, mediation and adjudication explained; FIDReC, jurisdiction and excluded matters; FIDReC, dispute resolution process. The Ledger explains; it does not advise.
Read next: Scammed Through a Phishing Link? How the Shared Responsibility Framework Works · The Free-Look Period: How to Cancel a New Insurance Policy and Get Your Money Back · Back to The Ledger
For what’s worth it this week, with the bill shown, read The WahLiao Week.
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