Financial Services

Upcoming CEDR financial services event: ‘Dialogue with the Regulator’

At a breakfast session on 9 October at Herbert Smith Freehills’ London office, the Centre for Effective Dispute Resolution (CEDR) will convene a debate exploring the role for facilitative discussion and negotiation between regulated firms and their regulators, with a focus on the banking and insurance … Continue reading

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Filed under ADR, Financial Services, Herbert Smith Freehills news, UK

UK High Court claim struck out as full redress was available under an ADR scheme

The UK High Court recently refused to allow a claim to proceed in relation to mis-selling of an insurance product on the basis that the claimants had already been offered full redress under a formal ADR scheme established in relation to … Continue reading

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Filed under Consumers, Costs, Financial Services, Refusal to mediate, UK

The rise of ADR in Japan

A number of alternative dispute resolution procedures are available and recognised in Japan – including expert determination, mediation, conciliation, and multi-track dispute resolution processes (ie a combination of different dispute resolution mechanisms such as arbitration and expert determination). Peter Godwin, … Continue reading

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Filed under ADR, Asia, Financial Services

Update on ADR in Japan’s financial services sector

Our previous post reported on the “Law Concerning the Promotion of the Use of Alternative Dispute Resolution Procedures” (the “ADR Promotion Law”), which came into effect on 1 April 2007. Under the ADR Promotion Law, 116  institutions from multiple sectors … Continue reading

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Filed under ADR, Asia, Financial Services

Review of Australia’s consumer external dispute resolution arrangements likely in 2013

Australia’s shadow minister for financial services, Mathias Cormann, has acknowledged that there are legitimate concerns over procedural matters and natural justice in relation to Australia’s Financial Ombudsman Service (FOS) and the Credit Ombudsman Service (COS). The term ‘ombudman’ derives from Swedish and … Continue reading

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Filed under Australia, Consumers, Financial Services, Government proposals and consultations, Other ADR processes

Hong Kong Financial Dispute Resolution Centre (FDRC) opens

On 19 June 2012 the Financial Dispute Resolution Centre opened to assist financial institutions and their clients to resolve monetary disputes involving claims not exceeding HKD 500,000 (USD 65,000). It is hoped that under the FDRC’s dispute resolution mechanism, an early meeting/mediation between the … Continue reading

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Filed under ADR, Asia, Financial Services, Mediation (General)

EU initiatives to promote ADR in consumer and financial services sectors

Together with the consultation on the use of ADR and the resulting legislative proposal, the European Commission is undertaking the following initiatives: The EU Citizenship Report dated October 2010 pledges to facilitate fast and inexpensive out-of-court resolution of consumer problems in … Continue reading

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Filed under Consumers, Europe, Financial Services

Civil Mediation Council (CMC) guidance on mediators’ obligations under the Proceeds of Crime Act 2002

Section 328 of the Proceeds of Crime Act 2002 (PoCA) provides that it is an offence for a person to be involved in an arrangement that he knows or suspects will facilitate the acquisition, retention, use or control of criminal … Continue reading

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Filed under Financial Services, Mediation (General), Mediators, UK

Creation of ADR framework for financial services in Japan

“The Law Concerning the Promotion of the Use of Alternative Dispute Resolution Procedures” (the “ADR Promotion Law”) was promulgated on 1 December 2004 and came into effect on 1 April 2007. This law allows the Minister of Justice to give … Continue reading

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Filed under ADR, Asia, Financial Services, Government proposals and consultations, Insurance and Reinsurance