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General Public

 

About FDRC

  1. What is FDRC?

    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.

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  2. How do I contact the FDRC?

    You can contact us at:-

    • Hotline telephone number : 3199 5199
    • (Please make appointment for in-person enquiry.)

    • Email : fdrc@fdrc.org.hk
    • Office : Unit 3701-04, 37/F, Sunlight Tower, 248 Queen's Road East,
      Wan Chai, Hong Kong.

    Our opening hours are Monday to Friday from 9 am to 5.30 pm (except public holidays).

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  3. When can I make an application to the FDRC?

    You can make an application to the FDRC after you have filed a written complaint to the relevant financial institution and either

    • you have received a final written reply from the relevant financial institution; or
    • have not received any final written reply from the relevant financial institution after 60 days from the date you made the written complaint to the relevant financial institution.

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  4. How much is the maximum claimable amount that FDRC will accept?

    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.

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  5. What are FDRC’s fees?

    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.

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  6. What kind of documents do I have to submit in order to make an application for FDRC services?

    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:-

    1. Documents showing that you are an Eligible Claimant (e.g. account statements);
    2. Documents showing the provision of financial services (e.g. transaction records, written complaint filed with the financial institution, final written reply from the financial institution); and
    3. Documents supporting your monetary claim (e.g. promotional flyer of the financial institution).

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  7. Will FDRC conduct investigation and make findings on my case?

    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.

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About Mediation

  1. What is mediation?

    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—

    1. identify the issues in dispute;
    2. explore and generate options;
    3. communicate with one another;
    4. reach an agreement regarding the resolution of the whole, or part, of the dispute.

    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.

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  2. What areas of disputes will mediation be useful?

    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.

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  3. What are the advantages of mediation?

    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.

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  4. Will a mediator impose terms of settlement for the parties in dispute?

    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..

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  5. How can I be sure the mediator assigned to me is suitable?

    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.

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  6. How long does it take for the FDRC to arrange for mediation?

    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.

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  7. Can I bring a lawyer to the mediation?

    You can seek legal advice but you cannot bring a lawyer or legal representative (in-house or otherwise) to attend the mediation.

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About Arbitration

  1. What if mediation is not successful?

    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.

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  2. What is arbitration?

    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.

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  3. What are the advantages of arbitration?

    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.

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  4. How can I be sure that the arbitrator assigned to me is suitable?

    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.

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  5. What kind of documents do I need to submit in order to apply for arbitration?

    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.

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  6. What are the fees for arbitration?

    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.

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  7. Can I appeal the decision of the arbitrator?

    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.

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