Fidrec handles more complaints but resolves them quicker

SINGAPORE - Data released yesterday in the latest annual report of the Financial Industry Disputes Resolution Centre (Fidrec) showed that the caseload increased 30 per cent to 3,684 cases from July last year to June this year, compared with the same period a year ago.

Of these, 2,683 cases were disposed of as inquiries, and 996 were complaints lodged.

Fidrec was set up in 2005 to deal with disputes between financial institutions and consumers.

Despite the surge, Fidrec resolved 723 complaints, an increase of about 3.7 per cent compared with a year ago.

Fidrec chief executive Ng Wee Jin also noted in the report that complaints were solved more quickly this year.

For instance, 60.86 per cent of complaints were resolved within three months, compared with 50.9 per cent from the same period a year ago.

Cases resolved within six months made up 95.7 per cent this year compared with 84.4 per cent.

Those solved within nine months made up 99.6 per cent compared with 92.7 per cent a year ago.

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