From 1 July, the Financial Industry Dispute Resolution Centre (FIDReC) has expanded its services to include small businesses and charities in Singapore.
Under the new framework, small businesses are defined as companies registered and operating in Singapore with group annual sales of S$1 million or less in each of the past two years. This change allows such organisations – along with eligible charities – to bring disputes with financial institutions to FIDReC for resolution, offering a cost-effective alternative to litigation.
For SMEs and charities, this provides an added safeguard when engaging with banks, insurers, and other financial institutions. It also underscores the importance of maintaining accurate records, compliance, and financial governance to ensure smooth resolution in the event of disputes.
At NS Global Consultants Pte. Ltd., we assist small businesses and charities with corporate secretarial, bookkeeping, compilation, and tax services, helping you stay compliant and prepared while focusing on your mission or growth.
Contact us today to learn how we can support your organization in strengthening governance and financial compliance.