Financial Dispute Resolution Centre
If you have a monetary dispute with your financial institution, instead of taking your complaint to the court system which is deemed more costly and time-consuming, please consider resolving your dispute through the mediation and arbitration services at the Financial Dispute Resolution Centre ("FDRC").
What is the FDRC?
The FDRC is a non-profit organisation which acts in an independent and impartial manner to resolve financial disputes between financial institutions and their customers (individuals, sole proprietors, or small limited companies or partnerships that meet the criteria) by way of "mediation first, arbitration next".
All the financial institutions authorised by the Hong Kong Monetary Authority and/or licensed by the Securities and Futures Commission (except those providing only credit rating services) are members of the Financial Dispute Resolution Scheme ("FDRS"). As members of the FDRS, they agree to abide by the FDRC Terms of Reference, and enter into mediation and arbitration in respect of an eligible dispute. According to the Terms of Reference (Jan 2018), FDRC can handle a claim up to $1,000,000.
Mediation first, arbitration next
An impartial mediator, without adjudicating a dispute or any aspect of it, assists the parties to identify the issues in dispute, explore and generate options, communicate with one another and reach an agreement. Below are advantages of mediation: focus on interests, informed decision, flexible, consensual, confidential as well as efficient and effective.
It is a private and confidential dispute resolution process whereby an impartial arbitrator acts as an umpire to decide the dispute based on the merits of each party's case. The following are advantages of arbitration: Relatively fast, confidential, and final and binding award.
Enquiry or claim
Please refer to the FDRC website to know more about its services including eligible claimants and disputes as well as the application and procedures.
17 January 2018