​WHAT IS THE CUSTOMER DISPUTE RESOLUTION SCHEME?

 
The Customer Dispute Resolution Scheme (CDRS) is a way of resolving disputes between customers and authorised firms in QFC. It is a fair and independent process that is available to all retail and other individual customers of QFC authorised firms.
 
The CDRS covers financial services such as financial planning and advice, investments, general insurance, life insurance, banking, collective funds and trustee services.
 
The maximum compensation that can be awarded by the CDRS if a complaint is upheld is QAR 400,000.
 

HOW TO COMPLAIN?

The CDRS is a process you should only use after you’ve tried to resolve a dispute directly with the firm that provided the financial product or service (including insurance or investments) you’re unhappy with.

  1. First, you should complain directly to the firm that provided the product or service. Ask them to resolve your dispute through their Internal Dispute Resolution process. All QFC authorised firms have Internal Dispute Resolution processes.
  2. If you are not happy with the response you receive, then you can contact the CDRS.  
    • A CDRS case manager will talk to you and the firm, to see if both parties can reach a settlement agreement. 
    • If an agreement can’t be reached and you would like to continue with the complaint, the case will be referred to the Independent Adjudicator for a decision.
Detailed information about making a complaint can be found here.
 

THE CDRS IS AN ALTERNATIVE TO GOING TO COURT

The CDRS is a simple and quick alternative to going to court. You don’t need to obtain legal advice when you make a complaint, unless you want to. If you choose to use a lawyer or adviser you will need to pay for their services yourself.

 

CDRS DECISIONS ARE BINDING

CDRS decisions are binding on QFC authorised firms if they are accepted by the customer. When the Independent Adjudicator gives a decision, the customer has 14 days to decide if they accept the decision.  If the customer does not make a decision within 14 days, then it is assumed that they have rejected the decision.  A rejected decision has no effect. When a decision is accepted by the customer, it is binding and cannot be appealed by either party.

WHO OPERATES THE CDRS?

The QFC Regulatory Authority administers the CDRS, but all decisions are made by an Independent Adjudicator. This person is separate to and independent from the Regulatory Authority.  

HOW MUCH DOES IT COST TO USE? 

 
The CDRS is free to use. 
You don’t need to obtain legal advice when you make a complaint, unless you want to. If you choose to use a lawyer or adviser you will need to pay for their services yourself.