Singapore's FIDReC: claims data, outcomes and rules

What FIDReC does

FIDReC calls itself an independent and impartial alternative dispute resolution institution for disputes between consumers and financial institutions ¹. Filing a dispute is free of charge ¹.

Cases move through two stages. Case management and mediation come first. A claim that does not settle can go to adjudication, which is capped at S$150,000 per claim ¹. Larger claims go to adjudication only if the financial institution agrees ⁴.

FIDReC publishes an annual report each financial year. Its publications page lists summary versions from 2015 to 2025 ⁵.

Rules that shape the data

• FIDReC takes a complaint only if the financial institution has not resolved it within four weeks of receiving it, under Rule 4(1)(v) of its Terms of Reference ⁴.
• A dispute not first raised with the institution is referred back to it, under Rule 4(2) ⁴.
• The consumer must apply no later than six months after the institution's final reply, under Rule 13(1)(ii) ⁴.
• Commercial decisions, pricing policies such as interest rates and fees, and cases about investment performance alone are excluded, under Rule 5 ⁴.
• If the consumer accepts an award, the institution is bound by it, under Rule 26(4). If the consumer rejects it, both parties are free to pursue their rights through the legal process or other routes, under Rule 26(7) ⁴.

FY2024/2025 claims and outcomes

The FY2024/2025 report covers 1 July 2024 to 30 June 2025. It reports 5,585 enquiries received, 4,355 claims received, 2,646 claims handled and 2,358 claims completed ². Claims were filed against 95 financial institutions ².

It says 88% of completed claims were resolved at mediation. In 65% of mediated claims the consumer accepted a settlement offer, and in 35% the consumer did not pursue the claim further ². Of claims that reached adjudication, 16% ended with an award for the consumer and 84% with no award ². The report gives a median claim amount of S$4,859 and an average of S$46,660 ².

The outcome chart in the report could not be read with certainty when this page was written, so only the stated percentages are given here ².

Scam claims

The FY2024/2025 report gives scams a separate section. It reports 1,285 scam claims handled, up 55%, and 927 completed ². By product, 62% were card-related and 32% account-related ². In 75% of completed scam claims the consumer accepted a settlement at mediation ².

The FY2023/2024 report counted 829 scam claims handled and 770 completed ³.

Comparing years

The FY2023/2024 report gives 5,448 enquiries received, 2,162 claims handled and 1,728 claims completed ³. It says about 84% of completed claims were resolved at mediation. Of adjudicated claims, 16% had an award for the consumer, 46 claims, and 84% had none, 233 claims ³.

An award for the consumer at adjudication is not the same as a mediated settlement. The reports count settlements under mediation and awards under adjudication, so an award rate covers only the smaller group of claims that reached an adjudicator ^2,3.

FIDReC publishes 40 case studies with generic titles such as a lost credit card or alleged mis-selling at a bank branch ⁶. Its annual reports give totals by type of institution, not counts for named firms ².