Financial Industry Disputes Resolution Centre Ltd

If consumers have a genuine rightful claim against any Financial Institution regarding their products please approach Fidrec.Not everyone can afford lawyers and pay heavily for any sum of rightful claim for misrepresentation,fraudulent sale with hiding of material facts,wrongful advice given to make a fast sale for quick commissions.We as consumers are always excited to buy things sometimes its a big ticket item like housing,cars even big sums in insurance coverage based on trust.But please do go thoroughly with the legal documentation done to the satisfaction of you the paying consumer. Regards

On 11th September 2020 between 12-2pm, I had the chance to call into Fidrec after days of trying, and to my utter dismay, an officer by the name of Timothy attended to my queries. I had prior been misrepresented by an agent who misquoted my motor insurance company as I ended up paying more than expected to because of my sudden loss of NCD. Thanks to Richard, I was given almost half an hour of lecture, without even listening to my side of the story and eventually chose to shut me off. It’s a clear representation of how ineffective and callous this organisation is. Not sure how helpless individuals like myself can do to seek justice or at least find an outlet for help in future...if I can give 0 star,I will do that.

I had to go through FIDREC to resolve a situation with a BANK where the outcome was far from favourable. I shall try and explain my views and experience with FIDREC as fairly as I can. My summation of my experience with FIDREC is as follows:- People at the counter: All smile and very nice. Security Man at Door: Told me that the Financial Institutions control everything and there will be no favourable outcome (several times). Crickey!. even the security man has a negative opinion. Officer 1: Case officer Tan Tiong Lai, repeatedly kept asking me to fill out a Customer feedback form in his favour (Almost like he was going to lose his job and need good customer feedback). This guy disappeared halfway through the case. Officer 2: More knowledgable, but one always has the feeling that the Case Officers are on the side of the financial Institution. Financial Institution; They send only their junior staff who are unable to speak or make a decision, but are sent to squeeze for more information that may strengthen their employers case. (They too are worried about their jobs) At no time did I feel comfortable or confident that I was being sincerely or fairly treated. I was always left with the impression that it was the BIG BOYS and their Puppets against the poor life long hardworking simple investor, looking to invest long term low risk for my family benefit. FIDREC AND THE Financial Institution take all of your privileged information and then its theirs to use to their benefit. The complainant cannot even call into the meetings those people who sold the policy and confront them about the lies and falsehoods in their methods. This is just money and protection for the boys.. Meantime I did some research and found this article in the Singapore Business review (by Larry Haverkamp, Finanicial columnist and adjunct faculty in Finance, Economics and Statistics at SMU)… You should Google it or read it attached……. “Is FIDREC fair?” ....And FIDREC reply by return is akin to those smart rich lawyer kids who have an answer for everything. Fidrec dismissed the Singapore Business review by Larry Haverkamp with a few simple irrelevant comments, however the 95% of the review was 100% correct. The fact is that The Institution takes all of your confidential information allowing the institution to build a case against one, and the institution shares nothing in return about any errors in the sale of the financial product. Don't bother investing or saving through a Singapore Bank and don't expect to get a good service through FIDREC.

FIDReC is useless. They don't even advise where else to go when they are unable or unwilling to intervene. They are stooges of the industry they are supposed to protect the public against. A black mark for Singapore. I sent them this comment: "Your organization is useless. You are evidently stooges of finance organizations in Singapore. Your inaction and blather has created a bad impression of the honesty of Singapore's financial industry. You were unhelpful and you could not refer me to any entity that could be helpful. I doubt that I will choose to do business with any financial entity registered in Singapore after your performance." The FIDReC responses on this site demonstrate that they are long on blather and short on action.

Useless Organization. Make A claim against FI paid adjudicator of 53.50 SGD but outcome is my claim not supported even I submitted strong proof. So get back nothing.

Great service to file a disputed claim against insurance companies who make it difficult to settle by finding loopholes in their fine print

Good experience of dealing with a complaint against a Singapore Bank that did not behave responsibly with regards to some prepayment clauses in its contract. The Fidrec guys handled it well and helped me reach a fair settlement . Efficient polite and decisive!

I am very happy and pleased with the service provided by FidRec in particular the excellent service provided by Ms Eileen Sim. Would highly recommend anyone having dispute with their financial institutions to consult FidRec for their assistance to resolve the matter. Thank you very much.