Forum: Accredited investors may still seek recourse through FIDReC
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I refer to the Forum letter, “As wealth management expands, investor safeguards should too” (Aug 4), which mentioned the Financial Industry Disputes Resolution Centre (FIDReC). We would like to clarify when consumers may come to FIDReC for help with financial disputes.
Opting in as an accredited investor does not, on its own, stop a consumer from using FIDReC’s services.
Our services are available to individuals, sole proprietors, small businesses and charities, provided they meet the eligibility requirements in our terms of reference.
While we can mediate eligible disputes of any claim value, adjudication is limited to $150,000 per claim.
Consumers should first raise their complaint with the financial institution. If the matter is not resolved to their satisfaction, they can then approach FIDReC.
Eunice Chua
Chief Executive
FIDReC
