The Financial Dispute Resolution Centre (FDRC) was set up in November 2011 as a non-profit making company limited by guarantee. It is an independent and impartial organisation administering the Financial Dispute Resolution Scheme (FDRS) which requires financial institutions who are its members to resolve monetary disputes with their customers through mediation and/or arbitration.
To provide independent and impartial mediation and arbitration services to facilitate the resolution of monetary disputes between customers and financial institutions in Hong Kong.
To be the leading provider of financial dispute resolution processes to deal with differences between financial institutions and their customers constructively before they escalate and to support Hong Kong as an international financial centre by extending our services and engaging stakeholders of the financial industry.
Independence: To set up and operate an independent dispute resolution scheme for financial institutions and their customers without external interference;
Impartiality: To maintain an FDRC process so that both the financial institutions and their customers are treated in an impartial way;
Accessibility: To make FDRC accessible and user friendly by establishing dispute resolution processes which are straight forward, clear and easy to understand;
Efficiency: To ensure that financial disputes are settled in a timely and efficient manner; and
Transparency: To be as transparent as possible in dealing with financial disputes, whilst also acting in accordance with confidentiality and privacy obligations under the laws of Hong Kong.
In accordance with Terms of Reference (Jan 2018), the FDRC may handle claims whose date of first knowledge of loss by the claimant falling on or after 1 Jan 2018. The terms in relation to Small Enterprises are effective from 1 Jul 2018. [Please link to the new ToR 2018]
The claim may be up to HK$1,000,000 and/or within the 24 months limitation period from the date on which the claimant first had knowledge of his/her loss.(”Standard Eligible Disputes”)
Subject to the parties’ consent, the FDRC may handle cases with a claim exceeding HK$1,000,000 and/or beyond the 24 months limitation period. (”Extended Eligible Disputes”)
Terms of Reference (Feb 2014) applies for claims from individuals or sole proprietors, whose first knowledge of loss before 1 Jan 2018. The maximum claimable amount is HK$500,000 and the limitation period is 12 months.
FDRC’s criteria for accepting and rejecting applications is set out more fully in the FDRS Guidelines on Intake Criteria of Cases (2014) and FDRS Guidelines on Intake Criteria of Cases (2018).
In accordance with Terms of Reference (Jan 2018), they are individuals, sole proprietors or small enterprises (SE)* who:
* SE means a limited company or a partnership, and in accordance with SE’s or its group’s latest financial year end statement has:
In accordance with Terms of Reference (Feb 2014), the Eligible Claimants are individuals or sole proprietors.