Fidrec should publish report of findings in adjudicated cases

I wish to add my support to the call for the Financial Industry Disputes Resolution Centre (Fidrec) to publish a report of its findings in the cases that it has adjudicated ("Enhanced disclosure good for financial dispute resolutions"; March 2 and "Financial dispute centre can improve engagement with consumers" by Mr Rohith Murthy; March 15).

Apart from improving consumer education, the publication of the findings can explain the principles relating to how Fidrec has decided on a case. This will provide a guide to consumers on the feasibility of submitting a similar case for adjudication in the future.

I understand that Fidrec may not wish to be bound by past precedents, as each case has to be considered on its own merits. The publication of the findings can be worded in a manner that gives the flexibility for Fidrec to decide differently on future cases, according to their merits.

Without knowing more about Fidrec's decisions on past cases, many consumers may be pursuing similar cases in Fidrec that have little chance of success. This will add to the workload of Fidrec, in having to hear and adjudicate these cases.

Tan Kin Lian


Financial Services Consumer