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Terms of Reference

Objectives

FDRC’s operations are governed by Terms of Reference (TOR). The TOR sets out FDRC’s rules and processes, such as:

  • who is eligible to lodge a dispute;
  • the types of disputes that we can consider;
  • how we resolve dispute;
  • services that we provide;
  • confidentiality;
  • rights and obligations of FDRC, Eligible Claimant and the financial institution.

The TOR is binding upon the Eligible Claimant whose case has been accepted and the FDRS member. FDRC may also issue guidelines or practice notes from time to time to address points relating to the operation of the TOR in order to take into account the latest industry product and policy developments and any other changes.

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Sections

  1. Preliminary

    1. Purpose and Scope of Terms of Reference
    2. Definitions
    3. Amendment
  2. Power and Functions of the FDRC

    1. Objectives and Power of the FDRC
    2. Principles and Functions of the FDRC
    3. Set-up of the FDRC
    4. Governance of the FDRC
    5. Funding arrangements for the FDRC
    6. Membership of the FDRS
    7. Undertaking to comply by the FIs and implications of breach
    8. Fee structure
  3. Scope of the FDRC

    1. Disputes that can be brought before the FDRC
    2. Definition of Eligible Claimant
    3. Cases outside the purview of the FDRC
  4. Process of the FDRS

    1. Initial process
    2. Initial enquiries
    3. Filing of applications
    4. Role of the Case Officers
    5. Mediation
    6. Arbitration
  5. Miscellaneous

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Annexes

  1. Schedule of Fees
  2. FDRS Guidelines on Intake Criteria of Cases
  3. FDRS Application Form (For reference only)
  4. FDRS Mediation and Arbitration Rules
  5. Ethics Codes for FDRC Mediators and Arbitrators
  6. Agreement to Mediate
  7. Confidentiality Agreement
  8. Mediated Settlement Agreement
  9. Mediation Certificate

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