Evaluation of the Use of Mediation to Resolve Disputes in Financial Services in the Czech Republic
| Authors | |
|---|---|
| Year of publication | 2014 |
| Type | Article in Proceedings |
| Conference | European Financial Systems 2014. Proceedings of the 11th International Scientific Conference |
| MU Faculty or unit | |
| Citation | |
| Web | http://is.muni.cz/do/econ/sborniky/2014/proceedings-EFS-2014.pdf |
| Field | Management and administrative |
| Keywords | mediation arbitration proceedings judicial proceedings contract |
| Description | The aim of this paper is to present the results of an analysis of contract enforceability and suitable methods of resolving disputes in the Czech Republic both in general terms and also focusing on the area of financial services. From this point of view, the main reasons of the low efficiency of dispute resolution from agreements are considered. In the Czech Republic most often a dispute resolution in court proceedings is used. In comparison with other countries, alternative dispute resolutions have been used rarely. In financial services, consumers can use the Financial Arbiter of the Czech Republic, which is competent to decide disputes in a wide range of financial services. In addition, arbitration, conciliation and mediation may be taken into consideration. Attention is focused on the criteria specification to express efficiency and consumer preferences in decision how to resolve a dispute. On the base of obtained results, conclusions on a possible use of mediation in the Czech Republic in resolving disputes in financial services, especially consumer credit, are formulated. |