Alternative dispute resolution mechanism in the area of financial services in European Union

Insurance Distribution Directive

“…Only a few schemes also accept non-financial disputes. See also Cymand (2017), which shows that the currently existing ADR schemes in the area of financial services either cover financial services in particular sectors (i.e., Banking Ombudsman in Italy, Insurance Ombudsman in Germany, Ombudsman of the Authority of Financial Markets in France), all financial services sectors (Financial Ombudsman Service in United Kingdom, the Consumer Complaints Manager of the Malta Financial Services Authority, Financial Services Complaints Institute in Dutch) or handle consumer complaints in general (National Board for Consumer Complaints in Sweden, State Consumer Protection Authority in Lithuania). 40 The survey previously described shows that in many cases the supervisory authorities for the purpose of supervising intermediaries use information obtained through the ADR scheme's activity.…”

Considering the IDD Within the EU Legal Framework on ADR Systems

“…Only a few schemes also accept non-financial disputes. See alsoCymand (2017), which shows that the currently existing ADR schemes in the area of financial services either cover financial services in particular sectors (i.e., Banking Ombudsman in Italy, Insurance Ombudsman in Germany, Ombudsman of the Authority of Financial Markets in France), all financial services sectors (Financial Ombudsman Service in United Kingdom, the Consumer Complaints Manager of the Malta Financial Services Authority, Financial Services Complaints Institute in Dutch) or handle consumer complaints in general (National Board for Consumer Complaints in Sweden, State Consumer Protection Authority in Lithuania).40 The survey previously described shows that in many cases the supervisory authorities for the purpose of supervising intermediaries use information obtained through the ADR scheme's activity. In some cases, the ADR entity report to the competent authority any conduct of intermediaries in breach of sectoral legislation.…”