Written Answer to Unanswered Oral Question

Claims Filed and Successfully Resolved at Financial Dispute Resolution Centre in Past Three Years

4 October 2022 · Prime Minister's Office

Speakers

Gan Thiam Poh Tharman Shanmugaratnam (Senior Minister and Coordinating Minister for Social Policies)

Transcript

51 Mr Gan Thiam Poh asked the Prime Minister (a) how many claims have been filed with the Financial Dispute Resolution Centre for the past three years; and (b) of which, how many have been successfully resolved.

Mr Tharman Shanmugaratnam (for the Prime Minister): For financial years 2020 to 2022, a total of 3,137 claims or around a thousand cases each year, were filed with and handled by the Financial Industry Disputes Resolution Centre Ltd (FIDReC).

As of 23 September 2022, 2,922 or 93% of these claims had been resolved upon mediation or adjudication. The cases that remain unresolved are mainly more recent claims filed since March 2022. Based on FIDReC's data for its past three financial years¹, about 89% of cases are resolved within six months and 97% within nine months.