How India compares with Singapore
The DFS model stands structurally apart from the complaint oversight approach in Singapore, one of Asia’s most developed insurance markets. Singapore routes unresolved consumer disputes through the Financial Industry Disputes Resolution Centre (FIDReC), an independent intermediary with adjudication powers, rather than through direct government ministerial involvement. In a parliamentary reply on Nov. 4, 2025, Singapore Deputy Prime Minister and Monetary Authority of Singapore Chairman Gan Kim Yong said FIDReC completed an average of 246 insurance claim mediations and adjudications annually over the previous three years, while MAS received an average of 91 similar complaints per year – representing less than 0.01% of claims received by insurers. More than 85% of claims handled by FIDReC were resolved at mediation or adjudication. FIDReC received 4,355 total claims across all financial products in FY2024/2025 – the highest in its 20-year history and a 50% increase from the prior year – driven by scam-related disputes, broader disagreements across financial institutions, and growing public awareness of the centre. Of cases that proceeded to adjudication, 16% resulted in an award for the consumer.
