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MAS Consultation on Financial Industry Disputes Resolution Centre 
Posted on Tuesday, November 02, 2004 - 09:14 PM

The Monetary Authority of Singapore (MAS) has on 28 October 2004 published a public consultation paper with proposals on the setup of a Financial Industry Disputes Resolution Centre (FIDReC). The Centre will provide consumers with an independent and affordable avenue for resolving retail disputes with financial institutions in the banking, insurance and capital markets sectors.

The proposals were made by an Integration Steering Committee formed by the MAS to facilitate the set up of a one-stop dispute resolution scheme1. The Committee includes representatives from the banking, insurance and capital markets sectors as well as individuals with no financial sector affiliation to provide an independent consumer perspective. The Committee is chaired by Mr Goh Joon Seng, former Supreme Court judge and Chairman of IDRO and CMU.

The consultation covers FIDReC's governance structure, membership, terms of reference and funding arrangements. The deadline for submission of feedback is 26 November 2004. FIDReC is expected to be incorporated and operational by the first half of 2005. Once operational, CMU and IDRO will be dissolved and all existing cases transferred to FIDReC.

Details can be found in the MAS website.