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The Monetary Authority of
Singapore (MAS) has published a public consultation
paper with proposals on the setup of a Financial Industry Disputes
Resolution Centre (FIDReC).
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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.
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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.
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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.
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The Committee is chaired by Mr Goh
Joon Seng, former Supreme Court judge and Chairman of IDRO and CMU. A list of
committee members is at Annex
1.
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The consultation covers FIDReC's
governance structure, membership, terms of reference and funding arrangements.
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The deadline for submission of
feedback is 26 November 2004.
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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.
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1 There are currently
dispute resolution mechanisms for the banking and insurance sectors, namely
the Consumer Mediation Unit (CMU) and Insurance Disputes Resolution
Organisation (IDRO) respectively but there is no formal mechanism for the
capital markets sector. This gap will be addressed by the creation of FIDReC
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Annex
1.....
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Source: Monetary
Authority of Singapore Press Release 28 Oct 2004
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