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SINGAPORE: The Financial Industry Disputes Resolution Centre (FIDReC) has expanded its resources and facilities to handle the expected increase in structured product complaints.
These could include complaints related to the Lehman Minibond Programme, DBS High Notes 5, Merrill Lynch Jubilee Series 3 Linkearner Notes and Morgan Stanley Pinnacle Series 9 and 10 Notes.
According to a statement from the centre, 106 consumers have lodged structured product complaints with it so far.
FIDReC has appointed more than 30 additional adjudicators, which include volunteer lawyers from reputable law firms, to cope with any rise in the number of cases. They will join FIDReC's existing pool of adjudicators.
FIDReC has also set up the Structured Products Clarification and Reference Board comprising FIDReC chairman, retired Supreme Court judge Goh Joon Seng, and FIDReC CEO Ng Wee Jin.
The board will consider and provide clarification on any issues or matters referred to it by the adjudicators.
FIDReC said each adjudicator will still make the final determination in a dispute, being the person assessing all the evidence.
The FIDReC Complaints Centre (FCC) has also been opened to handle complaints relating to affected structured products.
Spanning over 3,800 square feet, the centre comprises four meeting rooms, 10 e-filing terminals, five reception counters and a waiting area.
The FCC is located on the fourth floor of 112 Robinson Road, below FIDReC's existing office on the 13th floor.
FIDReC has also rolled out its e-Complaints Filing System (eCFS), which will allow consumers to lodge their complaints over the Internet at www.fidrec.com.sg.
Alternatively, consumers can file their complaints online using the e-filing terminals at the FCC.
- CNA/yt
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