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A Study on the Ways to Improve the Financial A lternate Dispute Resolution System : The Financial Ombudsman Scheme in the UK and Its Lessons
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금융분쟁조정제도의 개선방안에 관한 연구 : 영국의 금융옴부즈맨제도와 우리나라에 대한 시사점

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Type
Academic journal
Author
Choon Kim (성균관대학교)
Journal
Korean Securities Law Association The Korean Journal of Securities Law Vol.11 No.2 KCI Accredited Journals
Published
2010.9
Pages
135 - 174 (40page)

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A Study on the Ways to Improve the Financial A lternate Dispute Resolution System : The Financial Ombudsman Scheme in the UK and Its Lessons
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Abstract· Keywords

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The recent global financial crisis has made the financial consumer protection as one of the key issues attracting public attention. There are several ways to handle this issue, as one of which, financial consumers can ask a reliable ADR institution for financial dispute settlement. This system is a handy way for financial consumers who are relatively less powerful, to conciliate disputes with less cost than through lawsuits or arbitration.
As an example, the Financial Ombudsman Service in the UK, a result of integrating all the ombudsman systems run by each business to basically protect financial consumers, secures practical effectiveness in that it obtains independence from any party due to having been founded as a third party complaint handling institution; ? If accepted by the complainant, the Ombudsman"s decision is binding on the consumer and the firm and is final; and it is granted a powerful investigation right to collect evidence and information related to the case.
Contrary to such a structure, South Korea has a multiple number of administrative and private ADR institutions to resolve financial disputes, tarnishing the consistency and reliability of the dispute settlement results.. The Financial Supervisory Service which is largely in charge of financial conflicts lacks independence and fairness. Furthermore, structurally the complainant as well as the respondent is able to deny the dispute conciliation result by filing a lawsuit, definitely damaging the effectiveness of the decision.
For enhancing the effectiveness of financial ADR system in South Korea, the improvements should be explored as follows; i) several schemes of settling financial disputes should be integrated into a single channel, ii) An independent financial ADR institution should be established, iii) the dispute conciliation process should be an obligation before filing a lawsuit and should be considered by the current Korean legal system, iv) the ADR’s decision accepted by the consumer should be legally binding on the financial company, and v) there should be a preventive measure against the complainant"s abuse of the system.
In addition to possible improvements mentioned above, the key issue to vitalize the financial ADR system in Korea is to secure trust and reliability of the outcome produced by the ADR from all the stakeholders such as financial institutions and consumers. To this end, professional manpower should be reinforced first, and the way to enhance their job performance should be prepared. And a continuous and consistent effort should be made to practically acquire the transparency and accessibility of the dispute resolution scheme.
#금융분쟁조정 #금융ADR #금융옴부즈맨 #금융소비자보호 #FOS #financial consumer protection #Financial Ombudsman Scheme #Financial ADR #FOS #financial dispute conciliation

Contents

초록
I. 머리말
II. 영국의 금융옴부즈맨제도
III. 우리나라 금융분쟁관련 ADR제도
IV. 우리나라 금융ADR제도의 문제점 및 대책
V. 맺음말
참고문헌
ABSTRACT

References (2)

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고형석. 일본 소비자분쟁과 소송외적 분쟁해결제도에 대한 연구. 소비자문제연구. 2009 dbpia 김성천. 소비자보호법에서의 증권분쟁해결제도. 소비자문제연구. 2003 dbpia

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