engleski

Extrajudicial Settlement of Disputes in Domain of Financial Services - EU and Croatia

Aim of this paper is to ascertain which institution in Croatia, already existing or to be instituted would be the best choice as the competent body for extrajudicial settlement of financial services disputes with the consumers. In that respect few EU national models are explained with their basic features. Given the fact that in Croatia supervision of the non-banking sector was recently consolidated in one supervisory authority (HANFA), paper examines whether it is possible to institute the compentent body as part of one or both supervisory institutions, the second being Croatian National Bank. In order to ascertain that, their supervisory powers are analyzed according to the existing laws. If Croatian legislator decides to institute the body as a kind of state agency (« ; ; ; from the top approach» ; ; ; ) in that case the competent body should be instituted by special law and budgeted by state accordingly. If Croatia decides to take « ; ; ; from the bottom approach» ; ; ; , this means that the competent body would be attached to associations of the providers of financial services, and funded by them accordingly. The paper examines both organizational and legal aspects of those two approaches, having in mind various experiences of other member states. It is also questiones legal effects of the decision rendered by future competent body - should it be binding for both parties, such as arbitration award is, and how composition of the panel should be solved.

extrajudicial settlement of disputes; consumer protection; financial services; EU; Croatia

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