The Research on Financial Services Dispute Settlement Scheme
Date Issued
2011
Date
2011
Author(s)
Cheng, Hui-Ming
Abstract
The disputes between financial institutions and consumers are different from other kinds of disputes. How to settle the financial service disputes in a quick, simple, fair and independent way is the important supporting measures for the sound development of the financial market.
In our country, the financial service disputes are settled depending on its financial industries, so that the consumers should claim their complaints to different organizations. However, the outcomes of the disputes vary because of the different bases of establishment, the type of organization, the procedure, and the enforcement of those organizations. In UK, the Financial Ombudsman Service, FOS, was set up by the Financial Services and Markets Act 2000, FSMA 2000, as an independent public body to help settle individual disputes between consumers and businesses providing financial services.
Therefore, this thesis focuses on the research and comparison of the function, procedure, responsibility and outcomes of the financial services disputes of the FOS in UK and the dispute settlement schemes in our country. This thesis intends to find out the problems of our dispute settlement schemes and the possible ways to establish such kind of integrated dispute settlement organization of UK. Based on the above analysis, the thesis proposes the short-term and long-term suggestions to effectively improve the financial services dispute settlement scheme in our country.
Subjects
financial service disputes
dispute settlement scheme
Ombudsman
Financial Ombudsman Service（FOS）
the Financial Services and Markets Act 2000（FSMA 2000）
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