FMOS accepts disputes with direct financial losses not exceeding RM250,000 for the following products and services provided by our Members:
Banking, Islamic banking, digital banking, and payment instrument products and services such as loans and advances, Islamic finances, misselling, and unauthorised transactions via ATM, debit/credit card, internet banking, or e-money.
Insurance/takaful claims on life, medical, motor, travel, and third-party property damage claims.
Capital market products such as securities including shares, unit trusts, warrants, retail bonds, structured products such as structured warrants etc., derivatives (e.g., futures or options) and Private Retirement Schemes (PRS) or through the carrying out of fund management activities.
Complaints we cannot handle
The following disputes fall outside the scope of FMOS:
Claims exceeding the monetary limit of RM250,000.
General/product pricing, fees and charges, product features, credit/margin/underwriting, loan/financing restructuring or rescheduling applications, i.e., commercial decisions.
Disputes filed in court, referred to arbitration or decided by a court or arbitrator.
Disputes referred 6 months after the date of the Member’s final decision.
Disputes exceeding the limitation periods under the Limitation Act 1953, Limitation Ordinance (Sabah) (Cap. 72) and Limitation Ordinance (Sarawak) (Cap. 49).
Disputes with a final/binding decision from FMOS (or its Predecessor Scheme) unless new material evidence emerges that may affect the earlier decision.
Disputes concerning the performance of a financial or capital market product or investment save, except for any alleged non-disclosure or misrepresentation/mis-selling by the Member.
Disputes involving more than one Complainant have been referred to FMOS without the consent of the other Complainant, and FMOS finds it would be inappropriate to deal with the dispute without the other Complainant’s.
Disputes involving claims arising from third-party bodily injury or death.
Disputes against a Member where a winding up order has been made, or where the Member has been declared financially insolvent by a court of law or has been the subject of a declaration of an event of default pursuant to the Capital Market Compensation Fund Corporation rules.
A dispute involving matters under investigation by the Authorities where they have issued a directive under the Regulations to FMOS not to proceed with the Dispute Resolution Process.
