FDRC stands for Financial Dispute Resolution Centre, which is an independent, non-profit making organisation set up to assist financial institutions resolve financial disputes with their individual customers.
You can contact us at:-
(Please make appointment for in-person enquiry.)
Our opening hours are Monday to Friday from 9 am to 5.30 pm (except public holidays).
You can make an application to the FDRC after you have filed a written complaint to the relevant financial institution and either
The FDRC provides an independent and accessible alternative to court proceedings to help financial institutions and their customers settle monetary disputes with a maximum claimable amount of HKD 500,000 or its equivalent in foreign currency, inclusive of interest.
An application fee of HKD 200 is payable upon filing of the application form for the FDRC to decide if your case will be accepted for mediation.
For a claim involving less than HKD 100,000, you have to pay a HKD 1,000 mediation fee for the specified mediation time of up to 4 hours. For a claim between HKD 100,000 and HKD 500,000, you have to pay a HKD 2,000 mediation fee for the specified mediation time of up to 4 hours. If there is extended mediation time for a claim less than HKD 100,000, an additional fee of HKD 750 per hour or part thereof is payable. If there is extended mediation time for a claim between HKD 100,000 and HKD 500,000, an additional fee of HKD 1,500 per hour or part thereof is payable. All fees paid are not refundable. For details, please refer to Fees.
First, you must make a written complaint to the financial institution about your monetary loss. Once you receive a final written reply from the financial institution or there is no final written reply from the financial institution after 60 days from the time you made a written complaint, you may come to the FDRC. You may submit an Application Form and a copy of all your supporting documents including:-
FDRC is an independent and impartial entity to provide a timely, accessible and user friendly service to resolve financial disputes and it will not conduct any investigation nor make findings on your case.
Mediation is an alternative dispute resolution (ADR) method employed in many places in the world to resolve differences, conflicts and disputes. It is a structured process comprising one or more sessions in which one or more impartial mediators without adjudicating a dispute, assist the parties to do any or all of the following—
Any negotiated outcome reached during mediation should be acceptable to both (or all) parties and recorded as a mediated settlement agreement which is binding as a contract. The FDRC provides a standard process of appointing a mediator for the parties and will provide assistance to the mediator in the mediation process.
In general, mediation is useful for most kinds of disputes including workplace, healthcare, family, commerce and finance, land redevelopment, school, contractual and personal injury disputes.
As mediation is confidential, parties in dispute, through the assistance of a mediator can resolve their differences more cost effectively and in a timely manner. The process of mediation is flexible and can be structured to cater for the interests and needs of the parties. The parties are able to decide the terms of their settlement.
No. A mediator is impartial and will facilitate the parties to negotiate. A mediator will not impose any terms of settlement on the parties. The mediator will identify the interests and concerns of each party and facilitate the parties' negotiation of a settlement agreement that addresses their interests..
The mediators on the FDRC List of Mediators have undergone a series of training and assessments. All of them on the List are expected to have the required knowledge and experience in financial matters, and are able to mediate financial disputes.
After parties have signed the Agreement to Mediate and exchanged relevant information, the appointed mediator will commence the mediation session within 21 days from the date of his appointment.
You can seek legal advice but you cannot bring a lawyer or legal representative (in-house or otherwise) to attend the mediation.
You may wish to proceed with the FDRC’s “documents-only” arbitration. You will need to file a written Notice to Arbitrate within 60 days from the date of the Mediation Certificate. The arbitrator may conduct an in-person hearing if the arbitrator decides that it is necessary for deciding the claim.
Arbitration is a private and confidential dispute resolution process where the parties submit their dispute to be adjudicated by an arbitrator under the FDRS. The arbitrator will issue an Arbitral Award which is final and binding.
Arbitration is conducted in private and is confidential. Arbitration procedure is less formal than court proceedings and therefore relatively faster and less expensive. Arbitral awards can be enforced internationally and is final and binding on the parties.
The arbitrators on the FDRC List of Arbitrators have undergone a series of training and assessments. All of them on the List are expected to have the required knowledge and experience in financial matters, and are able to arbitrate financial disputes.
You have to submit a written Notice to Arbitrate within 60 days from the date of the Mediation Certificate, written submissions and copies of documentary evidence to support your case.
You have to pay HKD 5,000 per case for a documents-only arbitration, and if in-person hearing is to be conducted, you have to pay an additional HKD 12,500.
The decision of the arbitrator is final and binding on you and the financial institution and is not subject to review on the merits. You can only lodge an appeal against the Arbitral Award on a point of law.