What is Mediation?
Mediation is an alternative to the traditional litigation process or also known as an alternative dispute resolution process. It is a process by which the Mediator facilitates both the complainant and the Financial Service Provider (FSP) concerned to resolve the complaint by first investigating the complaint including all the issues involved.
OFS endeavours to resolve all disputes within a maximum period of three months after receipt of complete documentation from the complainant and the FSP. However, this will depend on how soon the information required of the parties to the mediation (i.e. the complainant and the FSP) is provided to the Mediator.
Benefits of Mediation by OFS
- Mediators are independent party in resolving the disputes.
- The entire mediation process is confidential to the parties involved.
- Our services are available to all affected consumers irrespective of their location.
- Our services are free of charge to the complainant.
- Complainants do not need to be represented by lawyers.
- Our awards and/or decisions are binding on the FSPs but not the complainant.
- Complainants reserve their right to take legal action against a FSP after decision is made by us.