Financial Arbitrator’s resolution of consumer disputes

Hlavní informace

Alternative dispute resolution (‘ADR’) for consumer disputes is a swift and affordable way for consumers to resolve disputes with businesses. The Financial Arbitrator has the jurisdiction to resolve consumer disputes on the financial market.

Týká se vás to pokud

You find yourself in a consumer dispute on the financial market.

The Financial Arbitrator adjudicates on consumer disputes concerning:

• payment services;
• electronic money;
• consumer or other credit;
• loans or similar financial services;
• collective investment funds or comparable foreign life insurance investment funds;
• money exchanges;
• building society savings schemes;
• investment services;
• the maintenance of a non-payment account, and lump-sum deposits.

Kdy službu řešit

The service may be used whenever consumers find themselves in financial market disputes.

Vyřízení služby

Co potřebujete pokud službu řešíte

An ADR application for a consumer dispute includes:

• details of who and what the dispute concerns;
• proof that the applicant has unsuccessfully invited the institution in question to remedy the situation;
• a description of the decisive facts, evidence, and details of what the applicant is seeking;
• a declaration that the applicant has not brought a court action or filed an arbitration request in the same case;
• a declaration that the applicant has not settled out of court with the institution in question;
• a declaration that the applicant is aware of the binding nature of the finding;
• if anyone is acting on the applicant’s behalf under a power of attorney, the power of attorney;
• the date and the applicant’s signature.

Information on financial market ADR can be found on the Financial Arbitrator’s website.

Kde a jak službu řešit

Information on financial market ADR can be found on the Financial Arbitrator’s website.

Send your application by post to the Financial Arbitrator as follows:

The Financial Arbitrator’s Office

Label your application as a ‘consumer dispute resolution application’.

Doplňující informace

Jaký má služba benefit

The benefit of this service is that it provides swifter and less costly protection of consumer rights than judicial proceedings.

Možnosti odvolání

Consumers may file objections to the Financial Arbitrator’s findings. The Financial Arbitrator’s decisions are judicially reviewable. See Section 16 of Act No 229/2002

Sankce

The Financial Arbitrator may impose a civil fine of up to CZK 50 000 on an individual or legal entity who impedes the Financial Arbitrator’s actions in the proceedings. The Financial Arbitrator may also discontinue proceedings due to a lack of cooperation.