FDRC’s operations are governed by Terms of Reference (TOR). The TOR sets out FDRC’s rules and processes, such as:
The TOR is binding upon the Eligible Claimant whose case has been accepted and the Financial Institution. 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.
The Terms of Reference (Jan 2018) below apply to all claims in which the date of first knowledge of loss by the Eligible Claimant or the Financial Institution; where applicable, falls on or after 1 January 2018 while the terms in relation to Small Enterprises are effective from 1 July 2018.
The Terms of Reference (Feb 2014) apply to all claims in which the date of first knowledge of loss by the Eligible Claimant falls before 1 January 2018.