Skip to main content Skip to search
Email a friend
Print This Page
Home > About Us > Terms of Reference

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:

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.

Top

Sections

  1. Preliminary

    1. Purpose and Scope of Terms of Reference
    2. Definitions
    3. Amendment and Applicability
  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 requirements
    2. Initial enquiries
    3. Filing of applications
    4. Role of the Case Officers
    5. Mediation
    6. Arbitration
  5. Miscellaneous

    1. Register, use and publication of data
    2. Reporting to Regulators
    3. Confidentiality
    4. Disclaimer
    5. No Claim
    6. Indemnity

Top

 

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 and Arbitration Agreement
  7. Confidentiality Agreement
  8. Mediated Settlement Agreement
  9. Mediation Certificate
  10. Joint Consent to Submission of Claim(s) under the FDRS

Top

Guidelines

The FDRChas issued the following guidelines pursuant to Paragraphs 3.2 and 3.3 of Section A in the TOR.

  1. Guideline 1 : Procedures of Removal of Arbitrators (w.e.f. 1 Nov 2018)
  2. Guideline 2 : Recourse Against Arbitral Award(w.e.f. 1 Nov 2018)
  3. Guideline 3 : Role of FDRC(w.e.f. 1 Nov 2018)
  4. Guideline 4 : Ethics Codes of the Mediators and Arbitrators(w.e.f. 1 Nov 2018)
  5. Guideline 5 : Procedure on terminating a case with an un-contactable party at the mediation stage (1st June, 2020)
  6. Guideline 6 : Protocol for online mediation meeting on FDRC cases(w.e.f. 8th April, 2021)

Top

 

End of Page


Sitemap | Privacy | Disclaimer | Copyright | Enquiries and Comments | Contact Us

Copyright © 2015 Financial Dispute Resolution Centre. All rights reserved.

Top