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Monad International | The key steps of seeking a successful consumer redress outcome.
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The key steps of seeking a successful consumer redress outcome.

The key steps of seeking a successful consumer redress outcome.

It’s handier than you think to keep hold of that receipt.

Sometimes things don’t turn out to plan. Faulty or incorrect services, we know we can go to Securities Industry Dispute Resolution Center (SIDREC) for help. SIDREC can help with issues regarding capital market products, services in conjunction with investments and structured products. This is why its advisable to keep those receipts handy.

You can seek help on the following:

  • Shares
  • Unit trusts,
  • Warrants,
  • Bonds,
  • Services rendered in conjunction with the investments.

These key steps will help guide you into getting a successful outcome.

  1. Make sure you have a receipt of the purchase that includes the date and company. This is vital to prove your proof of purchase. No claim can be made without this.
  2. Address your concerns and how you would like it to be resolved. Writing these down early help you achieve your ideal outcome. It also helps to workout whether you are addressing a legitimate claim or not.
  3. Address your application in a responsible manner. Being friendly and approachable works better than an angry attitude. Make sure you include all necessary documents that may include the following.
  • Receipts
  • Warranties
  • Repair orders
  • Contracts

Once your application is processed there are a few different outcomes and stages that can occur. Below outlines the various outcomes that may occur.

Outcome 1:
The first step in this process is to try and come to an agreement between yourself and the company involved. A case manager appointed by the SIDREC will guide this process. If an amicable settlement the case is finalised. If an agreeable settlement is not made, it will process to outcome two.

Outcome 2:
The second outcome involves an independent mediator. This unbiased individual will listen and work with both parties to reach an understanding. The mediator’s decision is not final and involves both parties signing a settlement deal. If signed the process is complete, if not it will move to the final outcome in this process.

Outcome 3:
The last resort is to process the case to adjudication. This occurs if neither of the previous options works. For the adjudication process to occur both parties have to submit all their document and findings to the adjudicator. Once all documents have been reviewed a decision will be made by the adjudicator. This is the highest level that your case can be brought to with the SIDREC.

If you don’t find this to be a successful resolution after these steps there are other options you may seek. You are free to pursue other help once you reject the adjudicator’s award.

Want more ? Watch the video below on consumer redress.

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https://www.thestar.com.my/metro/views/2018/04/21/ways-to-seek-redress-for-consumer-complaints/ (the star 1/10/18)
https://www.researchgate.net/publication/268300377_CONSUMER_REDRESS_MECHANISM_IN_MALAYSIA (Research gate 1/10/18)
https://www.igrad.com/articles/how-the-new-ultra-fico-score-could-affect-you (Igrad 1/10/18)

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