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Home > About Us > Financial Dispute Resolution Scheme (FDRS)

Financial Dispute Resolution Scheme (FDRS)

Objectives

A consumer having a dispute with a financial institution involving monetary loss may lodge a complaint with the relevant financial institution or report the case to the regulators such as the Hong Kong Monetary Authority (HKMA) or the Securities and Futures Commission (SFC). While the regulators may examine the conduct and practices of the financial institution, they do not adjudicate on any financial remedy for the individual. Hence, the customer may have to take the monetary claim through the court system.

The objective of the FDRS is to provide consumers with an alternative avenue which is independent and affordable for resolving monetary disputes with the financial institution amicably and in a timely manner by way of “mediation first and arbitration next”.

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Membership

The FDRS is administrated and operated by the FDRC. A major feature of the scheme is that all financial institutions which are authorized by the HKMA or licensed by/registered with the SFC (except those institutions which only provide credit rating services) are required to join the scheme as members, such that they are obligated to enter into mediation and arbitration in respect of an Eligible Dispute. There are more than 2,000 financial institution members of the FDRS.

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Who are eligible to use services under the FDRS ?

An Eligible Claimant is an individual customer or a sole proprietor who

  • already had/having a customer relationship with FDRS members; or
  • had been provided with any financial services, including financial product, service or advice about a financial product or service provided by or via the FDRS member.

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Disputes that can be brought before the FDRC is one which:

  • involves an Eligible Claimant and a member of the FDRS;
  • is of a monetary nature and involves a claim of HK$500,000 or less (or its foreign currency equivalent);
  • an Eligible Claimant has lodged a written complaint to the relevant member of the FDRS , but the dispute cannot be resolved in 60 days; and
  • the claim is made within 12 months from the date of the purchase of the financial service, or the date on which the Eligible Claimant first had knowledge that he suffered monetary loss arising out of the financial services.

For details, please refer to the Scope of FDRC.

For more information, please view FDRC Infomercial

You are welcome to attend our briefing session, which is held every Wednesday & Thursday. During the briefing session, the enquirer would get to know more about our services and how mediation can help to solve their dispute.

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