The dispute resolution process of FDRC comprises:
- Mediation
- Arbitration
For a Claim which is accepted by the FDRC as a Standard Eligible Disputes under Terms of Reference (Jan 2018) and cases under Terms of Reference (Feb 2014), it shall proceed in accordance with the sequence the “Mediation First, Arbitration Next”.
For a Claim which is accepted by the FDRC as an Extended Eligible Disputes under Terms of Reference (Jan 2018), it may be processed under “Mediation First, Arbitration Next”, “Mediation Only” or “Arbitration Only”, provided that the EC and the relevant FI (the “Parties”) have given their signed consent.
Mediation
When an Application is first received, FDRC’s Case Officer will verify if the application is within FDRC’s Terms of Reference. If the case is accepted for “Mediation First, Arbitration Next” or “Mediation Only”, both the Eligible Claimant and the relevant financial institution shall pay the required Fees for Mediation. The Case Officer will arrange for the Mediation to be conducted.
Arbitration
How FDRC Works (An illustration for “Mediation First, Arbitration Next”)
