SINGAPORE (THE BUSINESS TIMES) – More than half the claims filed with the Financial Industry Disputes Resolution Centre (Fidrec) for the year ended June 30, were against banks and finance companies.
During the period, Fidrec received 1,097 claims, down from 1,227 the year before. It was the third straight year that the number of total claims surpassed the 1,000 mark.
Of the claims received, 52 per cent were filed against banks and finance companies, 26 per cent against life insurers, and 13 per cent against general insurers, said Fidrec in its annual report released on Friday (Nov 26).
Those aged 51 years and older continued to form the largest group with 51 per cent of total claims. The median claim amount was $8,808, while the largest claim amount stood at $1.62 million.
Among the claims filed against banks and finance companies, 42 per cent related to unauthorised transactions, frauds and scams, while 31 per cent involved inappropriate advice,…