Objectives
A customer having a dispute with a financial institution involving monetary loss may lodge a complaint with the relevant financial institution or report the case to the regulators such as the Hong Kong Monetary Authority (HKMA) or the Securities and Futures Commission (SFC). While the regulators may examine the conduct and practices of the financial institution, they do not adjudicate on any financial remedy for the customer. Hence, the customer may have to take the monetary claim through the court system.
The objective of the FDRS is to provide customers with an alternative avenue which is independent and affordable for resolving monetary disputes with the financial institution amicably and in a timely manner by way of primarily “mediation first and arbitration next”.