Objectives

FDRC’s operations are governed by Terms of Reference (TOR). The TOR sets out FDRC’s rules and processes, such as:

• who is eligible to lodge a dispute;
• the types of disputes that we can consider;
• how we resolve dispute;
• services that we provide;
• confidentiality;
• rights and obligations of FDRC, Eligible Claimant and the Financial Institution under the FDRS.

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.

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Sections

1. Preliminary

   1. Purpose and Scope of Terms of Reference
   2. Definitions
   3. Amendment and Applicability

2. Power and Functions of the FDRC

   4. Objectives and Power of the FDRC
   5. Principles and Functions of the FDRC
   6. Set-up of the FDRC
   7. Governance of the FDRC
   8. Funding arrangements for the FDRC
   9. Membership of the FDRS
   10. Undertaking to comply by the FIs and implications of breach
   11. Fee structure

3. Scope of the FDRC

   12. Disputes that can be brought before the FDRC
   13. Definition of Eligible Claimant
   14. Cases outside the purview of the FDRC

4. Process of the FDRS

   15. Initial requirements
   16. Initial enquiries
   17. Filing of applications
   18. Role of the Case Officers
   19. Mediation
   20. Arbitration

5. Miscellaneous

   21. Register, use and publication of data
   22. Reporting to Regulators
   23. Confidentiality
   24. Disclaimer
   25. No Claim
   26. Indemnity

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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
    

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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)

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