Latest news with #EuniceChua
Straits Times
30-06-2025
- Business
- Straits Times
Singapore small businesses and charities to get access to financial dispute resolution from July 1
Small businesses refer to companies registered and operating in Singapore, with group annual sales of $1 million or less in each of the past two financial years. ST PHOTO: LIM YAOHUI Singapore small businesses and charities to get access to financial dispute resolution from July 1 SINGAPORE - More than 200,000 small businesses and 2,000 charities here will be able to file complaints against licensed financial institutions to the Financial Industry Disputes Resolution Centre (Fidrec) from July 1. Small businesses refer to companies registered and operating in Singapore, with group annual sales of $1 million or less in each of the past two financial years. Fidrec, which handles consumer financial disputes, said it will also cover a wider range of claims under the expanded scope. These include disputes over employee medical insurance, insurance for company vehicles, business banking services, corporate card accounts and loan agreements. Fidrec chief executive Eunice Chua said small businesses and charities often face the same difficulties as individual consumers when dealing with financial disputes, on top of their day-to-day operations. 'Our 2024 public consultation showed strong support for making Fidrec accessible to small businesses although we delayed implementing this change to address the concerns voiced,' she said. 'This expansion is aligned with Singapore's broader push to strengthen support for small businesses and build a more resilient non-profit sector.' Mrs Ong-Ang Ai Boon, director of the Association of Banks in Singapore, said Fidrec's expansion to include small businesses and charities is a welcome move for the banking sector. 'These segments, which often rely on banking services, now have greater access to fair and independent dispute resolution, further strengthening confidence in the broader financial ecosystem,' she said. Fidrec is the only financial dispute resolution institution in Singapore, helping consumers resolve disputes with licensed financial institutions, including banks, life insurers and advisers, through mediation or adjudication. The independent body has handled over 23,000 claims since its launch in 2005. Join ST's Telegram channel and get the latest breaking news delivered to you.
Business Times
30-06-2025
- Business
- Business Times
Fidrec extends jurisdiction to include claims from small businesses and charities from July
[SINGAPORE] The Financial Industry Disputes Resolution Centre (Fidrec) is extending its jurisdiction to include small businesses and charities from Tuesday (Jul 1). This comes after the organisation's 2024 public consultation displayed strong support for making it accessible to small businesses. This is aligned with Singapore's broader push to strengthen support for small businesses and build a more resilient non-profit sector. With this move, over 200,000 small businesses and 2,000 charities who have disputes arising on or after Jul 1 against licensed financial institutions subscribed to Fidrec can bring their unresolved disputes to the organisation. Fidrec will now also handle a broader range of claims which include: Disputes over employee medical insurance claims Insurance claims involving company-owned vehicles Issues with business banking services and corporate card accounts Loan agreement-related disputes Eunice Chua, chief executive officer of Fidrec, said: 'Small businesses and charities in Singapore face mounting challenges in today's volatile global economy. We recognise that managing financial disputes on top of day-to-day operations can be overwhelming, and that these organisations are akin to individual consumers in their ability to deal with financial disputes.' For the banking sector, Ong-Ang Ai Boon, director of The Association of Banks in Singapore, said that Fidrec's expansion to include small businesses and charities is 'a welcomed move.' 'These segments, which often rely on banking services, now have greater access to fair and independent dispute resolution, further strengthening confidence in the broader financial ecosystem,' she said. Fidrec's jurisdiction, including the definition of an 'eligible complainant', is governed by its Terms of Reference, as set out in section six of the Financial Services and Markets (Dispute Resolution Schemes) Regulations 2023.
