An Eligible Claimant must have filed a written complaint concerning the disputes with the relevant financial institution and either:
For details, please refer to the meaning of Eligible Dispute.
After receiving your application and the application fee, our Case Officers will assess your case to see whether it is under the purview of the FDRS in accordance with the FDRS Guidelines on Intake Criteria of Cases in the Terms of Reference.
If the application is accepted, both the Eligible Claimant and the financial institution will be informed and the Mediation process will begin. Both Parties are required to pay the mediation fees as per the Fees.
If the amount of claims involved –
The appointment of the Mediator takes effect upon confirmation in writing by the FDRC. The Mediator shall commence and conduct the Mediation as soon as possible within 21 days of his appointment and ensure that an Agreement to Mediate is signed prior to the substantive mediation session.
If the Parties reach a settlement during Mediation, a Mediated Settlement Agreement will be signed in accordance with the terms both Parties have agreed.
If no settlement is reached during the Specified Mediation Time, an extended mediation session may be arranged.
If the Mediation is not successful, the Eligible Claimant may decide to proceed to Arbitration by serving a Notice to Arbitrate within 60 days from the date of the Mediation Certificate issued by the Mediator upon conclusion of the Mediation. Both Parties will have to pay the arbitration fees as per the Fees.
The relevant financial institution will be invited to serve its response within 21 days of the service of the Notice to Arbitrate .
After the receipt of the final submissions from the Eligible Claimant and the financial institution, the FDRC will then proceed with the appointment of the Arbitrator. Both Parties may agree on the appointment of the Arbitrator from the List of Arbitrators. If the Parties fail to agree on the appointment of the Arbitrator, the FDRC will appoint the Arbitrator from the List of Arbitrators as soon as practicable, taking into account the Parties’ preference so far as practicable and shall confirm in writing to the Parties the appointment of the Arbitrator.
An Arbitral Award is to be rendered within 1 month after receipt of the last document by the Arbitrator. It is final and binding and can only be appealed on point of law.