Detailed Information on Publication Record
2023
The Financial Arbitrator in the Czech Republic
KOTÁSEK, JosefBasic information
Original name
The Financial Arbitrator in the Czech Republic
Name in Czech
Finanční arbitr v České republice
Authors
KOTÁSEK, Josef (203 Czech Republic, guarantor, belonging to the institution)
Edition
1. vyd. Leiden, Boston, Protecting Financial Consumers in Europe. Comparative Perspectives and Policy Choices, p. 306-323, 18 pp. Brill, 2023
Publisher
Koninklijke Brill NV
Other information
Language
English
Type of outcome
Kapitola resp. kapitoly v odborné knize
Field of Study
50501 Law
Country of publisher
Netherlands
Confidentiality degree
není předmětem státního či obchodního tajemství
Publication form
printed version "print"
References:
RIV identification code
RIV/00216224:14220/23:00130527
Organization unit
Faculty of Law
ISBN
978-90-04-53438-4
Keywords (in Czech)
finanční arbitr; ochrana spotřebitele; mimosoudní řešení spotřebitelských stížností
Keywords in English
financial arbitrator; consumer protection; out-of-court settlements of consumer complaints
Tags
Tags
International impact, Reviewed
Změněno: 18/3/2024 11:03, Mgr. Petra Georgala
V originále
The Financial Arbitrator in the Czech Republic is a state-established authority for out-of-court settlements of consumer disputes within the financial market. The position of the Financial Arbitrator, which combines elements of administrative and judicial bodies, is a major challenge to Czech law. The Financial Arbitrator has a specific place among the executive authorities, which is reflected especially in the rules on proceedings before him. This paper will focus on the proceeding before the Financial Arbitrator and the way of compensating for the imbalance in the relationship between consumers and financial institutions. It will also assess the position of the consumer in the proceeding and the judicial review of the Financial Arbitrator decisions. The aim of this paper is to determine whether the legislation and its actual application allows the Financial Arbitrator to ensure a fast, free, and effective resolution of disputes.
In Czech
The Financial Arbitrator has been part of the Czech legal system since 2003. He is a state-established authority for out-of-court settlements of consumer disputes within the financial market. His jurisdiction is constantly expanding and currently covers disputes between consumers and financial institutions providing or intermediating payment services, electronic money, credit, collective investment, life insurance, building savings and currency exchange. The position of the Financial Arbitrator, which innovatively combines elements of administrative and judicial bodies, has been and is a major challenge to Czech law. The Financial Arbitrator has a specific position among the executive authorities, which is reflected especially in the rules on proceedings before him. Although the Czech Financial Arbitrator was established in response to the requirements of European law, the procedural rules are not unified at the Community level and are therefore purely national in nature. Proceedings before the Financial Arbitrator are a very interesting and still debated way of compensating for the imbalance in the relationship between consumers and financial institutions, as it significantly strengthens the position of the consumer at the expense of the financial institution. As with other administrative bodies, the decision of the Financial Arbitrator is subject to judicial review.