When I first wrote an article to inform consumers about their rights when going through a dispute with a financial institution, I did not expect much outreach because oftentimes people rarely look for solutions until shit happens. Thus, I was humbled to have my article republished on DrWealth then for their readers.

With great joy (and a tinge of sadness maybe because it means more people are looking for answers to their unfortunate situations), I’d like to share that my advice to these readers has been picked up by Yahoo Finance.

It is definitely a milestone in my ‘writing career’ talking about Insurance and personal finance to be published on Yahoo Finance.

Here’s my part reproduced for convenience: 

If the free-look period of 14 days is over, your next course of action is to approach the financial institution where you purchased your financial product. Contact details of all financial institutions licensed to operate in Singapore can be found at the MAS Financial Institution Directory webpage.

When approaching the financial institution, clearly state your problem and write down the name of the person you spoke to. Also write down the date and details of the conversation. After the initial complaint, the financial institution would likely despatch someone from their compliance team to take your statements and to conduct a thorough internal investigation.  Always ensure that you go through the recorded statements thoroughly before approving the paperwork, and request for a copy of the statements for your own reference. If you are not satisfied with the outcome of the investigation , your next course of action is to contact the Financial Disputes Resolution Centre (FIDReC).

Financial Disputes Resolution Centre (FIDReC)

FIDReC is an independent institution that specialises in resolving disputes between financial institutions and consumers. Do note that to engage the services of FIDReC, you must have first tried to speak with the financial institution but failed to come to a satisfactory conclusion  with them. To file a complaint with FIDReC, click here.

When your complaint is received by FIDReC, a case manager will be assigned to you. The case manager will attempt to mediate the dispute between you and the financial institution. Up to this point, there are no charges.

If the dispute is not able to be settled by mediation, the case will be referred to adjudication. Adjudication is a process whereby an adjudicator , or a panel of adjudicators come to a decision based on the facts and merits of each case. At this point, a fee of $250 will be charged.

If FIDReC adjudicators rule in your favour, the maximum sum you may be awarded from an insurance company is $100 000. For disputes concerning banks, capital markets, and all other disputes, the maximum amount  is $50 000. This decision will binding on the financial institution involved.

Note that FIDReC requires you to sign a declaration not to reveal anything regarding  your case’s proceedings or outcome. Therefore, as tempting as it is to air your grievances, you need to bite your tongue and allow FIDReC to conduct their investigation. However, this does not prevent you from pursuing further dispute resolution action, should you be unsatisfied with FIDReC’s final decision as their decision is NOT binding on you

And… Here’s the link to the piece on Yahoo Finance.

Do have a quick browse! You’ll be thankful you did 🙂