Nature of organization: third party organization
Institutional introduction: The Centre is responsible for managing a set of convenient, effective and open financial dispute mediation programs, with independent and impartial mediators and arbitrators providing mediation and arbitration services to Hong Kong financial institutions and their clients.
The Centre is a non-profit organisation, overseen and operated by a Board of Directors. The center's mediation plan is to assist in resolving disputes involving money between financial institutions and customers in a "mediation first, then arbitration" approach. If the dispute cannot be settled through mediation, the claimant may choose to resolve it through arbitration.
If a financial institution client has a dispute involving monetary loss with the relevant institution, he may lodge a complaint with the relevant financial institution or regulatory authority, including the Hong Kong Monetary Authority (HKMA) or the Securities and Futures Commission (SFC). However, regulators will investigate the behavior and business practices of financial institutions and will not determine compensation for losses.
Online enquiry: http://www.fdrc.org.hk/en/html/claim_enquiry_form/?lang=en
Address: Room 3701-04, 37/F, Sunshine Centre, 248 Queen's Road East, Wanchai, Hong Kong
Tel: (852) 3199 5100 (9:00-17:30 on weekdays)
Fax: (852) 2565 8662
Email: [email protected]
1. Scope of acceptance
(1) Involving eligible claimants and members of the Financial Dispute Resolution Scheme;
(2) It is of monetary nature and the claimed amount does not exceed HKD 500,000 (or its equivalent in foreign currency);
(3) The eligible claimant has lodged a complaint with the relevant financial institution and has received the final written reply from the relevant financial institution; or has lodged a complaint with the relevant financial institution for more than 60 days (from the date of filing the complaint); < br />
(4) The claim is made not more than 12 months from the date of purchase of the relevant financial service or the date on which the eligible claimant first became aware of the financial loss he suffered from the financial service.
2. Dispute Resolution Procedures
Dispute resolution methods provided by the Financial Dispute Resolution Center include:
(1) Mediation: When the Center receives the relevant application, the Director of the Mediation Program will verify whether the application falls under the "Terms of Reference" of the Mediation Center. If the case is accepted for mediation, the claimant and the relevant financial institution must pay the required mediation fee. The Mediation Programme Officer will then arrange the relevant mediation meeting as soon as possible
(2) Arbitration: If the relevant dispute cannot be settled after mediation, the relevant claimant may submit the dispute to arbitration. The Mediation Center will arrange for "document only" arbitration, and the arbitration award is final and legally binding, and can only be appealed to the court on the legal point of view.
(Terms of Reference: http://www.fdrc.org.hk/en/html/aboutus/aboutus_tor.php)
1. Preliminary query
Please call the Financial Dispute Resolution Centre (FDRC) hotline at (852) 3199-5199 for enquiries and make an appointment with the Mediation Programme Director to attend our free public consultation interview.
2. Submit application
Please submit the completed Financial Dispute Resolution Scheme Application Form with all relevant supporting documents and application fee to the Centre.
The relevant supporting documents include: contracts, transaction documents, receipts, account proofs, business cards of the relevant financial institutions and/or their representatives; and any documents relating to the dispute.
3. Accept applications
After receiving the relevant application and application fee, the Mediation Programme Officer will check whether each case falls under the Financial Dispute Mediation Scheme (Mediation Scheme) in accordance with the Financial Dispute Resolution Scheme "Guidelines for Acceptance Criteria" of the Resolution Centre's "Terms of Reference" scope of authority.
After the mediator has been confirmed in writing by the Mediation Centre in accordance with the Mediation and Arbitration Rules of the Mediation Scheme, the mediator must start a mediation meeting within 21 days and ensure that both parties sign the Mediation Agreement before the start of the mediation meeting.
The substantive mediation session under the "Designated Mediation Time" under the Mediation Scheme should not exceed the 4 hours specified in the FCTC's Terms of Reference.
If the dispute is settled after mediation, the parties are required to sign a Mediated Settlement Agreement containing matters agreed upon by both parties.
An extension of the mediation session may also be arranged if the parties fail to reach a settlement within the specified mediation time.
If the parties fail to reach a settlement after mediation, and the eligible claimant wishes to submit the dispute to arbitration, the claimant must issue a Notice of Arbitration within 60 days after the mediator issues the "Certificate of Mediation". Both parties must pay the relevant arbitration fees according to the fee schedule of the Center.
Financial institutions must respond within 21 days of a qualifying claimant's notice of arbitration.
Arbitrators must be appointed after the Mediation Center has received documents from the claimant and the financial institution. The parties may negotiate the appointment of an arbitrator from the list of arbitrators in accordance with the Mediation and Arbitration Rules of the Mediation Plan. The Mediation Center will notify both parties in writing.
The arbitrator will issue the arbitral award within one month of receipt of the final documents from both parties. Arbitration awards are final and legally binding and can only be appealed on points of law.
For details, please click this link: http://www.fdrc.org.hk/en/html/faqs/faqs_generalpublic.php