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Financial Arbiter may already settle disputes out of savings

Financial Arbiter may already settle disputes out of savings Since the beginning of February, people have a new opportunity to defend themselves as building societies, loan sharks and merchants investment. The law expanded the powers of the financial arbitrator who decides disputes in a variety of consumer finance.

Solve problems concerning contracts with financial institutions to consumers is not easy, just knowing the contracts and business conditions for the ordinary mortal can pose difficulties.

"The extension of powers and a greater number of situations in which a consumer can turn to the financial arbitrator, welcome," says Milos Borovicka legal adviser Dtest, and explains: "The last two years we are dealing with, for example, that building societies may no reason to unilaterally terminate the contract. Because there is no clear opinion, it is risky for the average consumer to go to court. This problem thanks to the amendment of the Act partially removed. "Proceedings before the Financial Arbiter is free and should be fast. Costs and expenses, including the costs of lawyers, each party shall bear its own, consumers need not fear that in the event of a bank failure to pay expensive lawyers.

The extension of powers concerns and other important consumer and risky areas, which are loans and mortgages. "So far, the powers of the arbitrator only loans, ie loans in the range of 5,000 - 1,880,000 CZK. Disputes arising from dangerous micro-loans or complex mortgage can be addressed only through a court order or worse infamous arbitrator, "says Juniper, adding:" Now the arbitrator determines counterparty mostly alone, and financial arbiter consumers sometimes confuse. In doing so, these are two completely different institutions. "While the financial arbitrator is an independent state authority that has sides lead to an amicable solution, but can also binding decisions, arbitrators do not have a past general reputation, they often decided more by the interests of those who are paid, than by law.

Proceedings before the Financial Arbiter has its rules, must be preceded by an attempt to remedy between the parties and even entrepreneurs need not fear that they will have to deal with unreasonable administration. The arbitrator had stopped proceedings that are manifestly unfounded. "Specialization arbiter on financial issues, combined with the severity of the findings from our perspective effective way of resolving consumer disputes," says Juniper and Pine: "May a similar authority should CTIA authorized bodies general solution of disputes from common complaints. "

Source: tz dTest.cz



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