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Financial arbitrator
Jendrulková, Anna ; Kotáb, Petr (advisor) ; Kohajda, Michael (referee)
Financial Arbitrator The legislative introduction of the institute of Financial Arbitrator as the relevant authority for settling out-of-court disputes into Czech law is a relatively new phenomenon, and is related to the interests of consumer protection within the European Union. In particular, the interests of the European Union in this area are to reinforce consumer confidence in the financial market. Given the fact that the majority of consumer disputes are so-called petty disputes, and resolving these disputes before the national courts is too lengthy and costly for consumers, the European Union has placed a duty upon its Member States to introduce the option for consumers, in case of any possible disputes, to be able to turn to the out-of-court dispute settlement authority for assistance in selected areas of the financial market. Any proceedings heard before such authority are free-of-charge and less formalized, thus enabling consumers greater accessibility in protecting their rights against institutions operating in the financial market. The first chapter describes the reasons for the institution of Financial Arbitrator, i.e. it is exactly for the purpose of consumer protection, which should result in increased consumer confidence in the financial market, and the possibility to enforce one's...
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Dispute resolution by a financial arbitrator
Jankových, Kristýna ; Kotáb, Petr (advisor) ; Kohajda, Michael (referee)
The aim of this diploma thesis was to identify and analyze the decision-making activities of the Financial Arbitrator as an out-of-court dispute resolution body for some of the consumer disputes in the area of financial services, both procedural and substantive points of view. The author discusses the importance and practical impacts of the decision-making activities of the Financial Arbitrator to the parties of the proceedings before the Financial Arbitrator taking into account recent legislative changes affecting this institution. At the same time, the author deals with some practical problems which the Financial Arbitrator faces by its decision making and discusses their solutions. Finally, the author examines and evaluates some of the decisions issued by the Financial Arbitrator in various areas of its competence. The actual text of this work is divided into five chapters, introduction and conclusion. In the first chapter the author briefly describes the origin and development of the institute of the Financial Arbitrator and its institutional framework as to emphasize the specifics of this institute, which is reflected in its decision-making and offers a view of foreign approaches in the creation of disputes dealing with an out-of-court resolution of disputes from financial services. In the...
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Legal aspects of currency and money circulation
Švábová, Petra ; Kotáb, Petr (advisor) ; Kohajda, Michael (referee)
1 The legal aspects of currency and payment system Resume: The monetary law as a part of the financial law is concentrating mainly on institutions of currency, its emissions, payment systems and its security. Currency is a concrete monetary system in a concrete state, which is settled by legal acts of this state. The state authority specifies not only the nominal value of banknotes and coins, but also rules of their reproduction, rules of the exchange of damages banknotes for new ones, rules of their acceptance as a payment instruments, rules o payment systems etc. The monetary system in Czech Republic is compounded of banknotes in denomination of 50, 100, 200, 500, 1000, 2000, 5000 and coins in denomination of 1, 2, 5, 10, 20, 50. The currency named Czech koruna and it is divided into 100 hellers. The sole institution, which has a legal right to emit banknotes and coins, is the Czech National Bank by the Act no. 6/1993 Co. The CNB through its ordinances specifies the emission of a concrete banknote or coin, its size, design, weight... and beginning of validity (for example the Ordinance CNB no. 78/2009 Co. or Ordinance CNB no. 111/1993 Co.). To protect banknotes against a counterfeiting they are provided by security features as watermark, security threads, perforation, see-through mark, hologram, raised...
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The Institution of Financial Arbitrator with a Focus on Alternative Dispute Resolution in a Field of Insurance
Švejnohová, Michaela ; Vybíral, Roman (advisor) ; Kotáb, Petr (referee)
The thesis is focused on the topic of the Financial Arbitrator as an alternative dispute resolution body dealing with the disputes between financial institutions and their clients as well as the proceeding before it. Act No 229/2002 Coll., on financial arbitrator, as a special law adopted based on the requirements of the Directive 97/5/EC on Cross-Border Credit Transfers incorporated into the Czech legal system with effect from 2003 an institution, which is not by its nature and proceeding based on specific rules comparable to any other public authority in Czech republic. The aim of this thesis is to analyse the law identifying a status of the financial arbitrator including the process before it and on the basis of that facts subsequently assess, whether the adopted legislation enables to fulfil the requirements of the directives and if it genuine happens. The content of the thesis is divided into 5 parts, where the first one introduces the institution of the financial arbitrator as for the reasons of its establishing and intended purposes to serve as a stepping stone for further considerations and at the same time seeks to define the status of the institution as it has been given by the legislators. This part is also focused on the building blocks enabling a proper functioning of any institution,...
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The Position of Financial Arbitraror in Alternative Dispute Resolution
Ježková, Diana ; Vondráčková, Pavlína (advisor) ; Marková, Hana (referee)
The Financial Arbitrator and alternative dispute resolution are the integral part of current decision-making practice. Their development is tendentious particularly in recent times. This diploma thesis aim is critically evaluate the institute of the Financial Arbitrator and compare it with arbitration and mediation. The thesis briefly describes the institutes themselves, their legal regulations and outlines their historical development. In my thesis I focused mainly on the similarities as well as differences of these institutes. Then I compared these decision-making practices with the court proceedings in the last fifth chapter, so the thesis gives a comprehensive overview of the possibilities of resolution making practice. The thesis focused on the situation in the Czech Republic and did not evaluate the foreign situation, although the author is aware of certain continuity with the development among the countries. The methodology of the thesis was adapted to the chosen topic. The basis was literary research. By comparing the problems, opinions, hypotheses and premise was possible to reach a final reasoned opinion. The principal methods were the method of analysis and synthesis. An important basis for this work was the annual reports of the Financial Arbitrator available from the finarbitr.cz...
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Status of public awareness of the Czech Republic with the new law on consumer credit
BRAŠNOVÁ, Olga
This work examines the consumers' awareness of consumer credit. Consumer debt in the Czech Republic grows. Non-bank institutions were developing along with the debt. Unlike banks, these institutions would provide loans to consumers even without researching the client's solvency. The consumer then ended up in a situation where they did not have a way of paying the debt off (the so called debt trap). This is why the state felt the need to regulate non-bank institutions, leading to the creation of a new consumer credit act. It is act number 257/2016 Coll. The work consists of ascertaining the public awareness of the changes to the new consumer credit act. A questionnaire survey was chosen as the method. Two hundred and ten respondents of various age categories participated in the questionnaire. The questionnaire was evaluated using scientific methods: analysis, deduction and synthesis. The aim of the thesis is to determine the state of awareness of the Czech public about changes in the new Consumer Credit Act.
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Protection of rights in life insurance
Tučková, Tereza ; Kotáb, Petr (advisor) ; Vybíral, Roman (referee)
Protection of rights in life insurance Abstract The subject of this rigorous thesis is the protection of rights in life insurance. The main reason for choosing this topic is the fact that completing my master's degree program in law, I have entered the private sphere as a corporate lawyer of an international insurance company and in this position I am active, althought with another international insurance company, still today. In my position, among other things, I represent the insurance company in private disputes with the insured persons, typically on the payment of insurance benefits (claims). I also represent the insurance company during the public hearing efore the Czech NAtional Bank and, last but not least, in my agenda is the representation of the insurance company in the proceedings with the clients efore the Financial Arbiter. During my practice, I met all the possibilities and apsects of protection of rights in life insurance and I realized chat all the clients of an insurance company have to knowabout thein position in such a procedure and that there is an imbalance in information between the contractual parties and which information each contracting party possesses. I have divided my thesis into six main chapters. In the first chapter I describe the institute of insurance and insurance policy,...
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Payment System and Role of the Financial Arbitrator
Kovář, Michal ; Vondráčková, Pavlína (advisor) ; Vybíral, Roman (referee)
61 Abstract The Financial Arbitrator was established on the basis of European legislation to handle consumer's disputes on the financial market fast, efficiently and free. This thesis mainly focuses on its role in payment system sector with regards to new Act on payments and was divided into three main chapters. The chapter one aims at the development of legal regulations in last fifteen years in the Czech republic and explores grounds of separation from the Czech National Bank to establish the independent institution. Handling disputes may even result into achieving an amicable settlement, albeit its natural character does not meet the requirements of Administrative Code resulting as more informal resolution. The range of clients solely entitled to submit a claim was in recent years strictly restricted to consumers although competencies of Financial Arbitrator were extended. The author also analyses rules of the proceedings and educational activities of the Financial Arbitrator to lift financial awareness of consumers. The chapter two describes individual financial services and persons authorized to provide payment services in order to specify competencies of Financial Arbitrator since the law authorizes the Financial Arbitrator to decide disputes between the consumer and payments service provider arisen...
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Dispute resolution by a financial arbitrator
Jankových, Kristýna ; Kotáb, Petr (advisor) ; Kohajda, Michael (referee)
The aim of this diploma thesis was to identify and analyze the decision-making activities of the Financial Arbitrator as an out-of-court dispute resolution body for some of the consumer disputes in the area of financial services, both procedural and substantive points of view. The author discusses the importance and practical impacts of the decision-making activities of the Financial Arbitrator to the parties of the proceedings before the Financial Arbitrator taking into account recent legislative changes affecting this institution. At the same time, the author deals with some practical problems which the Financial Arbitrator faces by its decision making and discusses their solutions. Finally, the author examines and evaluates some of the decisions issued by the Financial Arbitrator in various areas of its competence. The actual text of this work is divided into five chapters, introduction and conclusion. In the first chapter the author briefly describes the origin and development of the institute of the Financial Arbitrator and its institutional framework as to emphasize the specifics of this institute, which is reflected in its decision-making and offers a view of foreign approaches in the creation of disputes dealing with an out-of-court resolution of disputes from financial services. In the...
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Legal Status of the Financial Arbiter in Comparison with Selected Regulatory and Control Institutions in the Czech Republic and EU
Procházka, Martin ; Marková, Hana (advisor) ; Kohajda, Michael (referee)
Legal Status of the Financial Arbiter in Comparison with Selected Regulatory and Control Institutions in the Czech Republic and EU The topic of my thesis is legal status of the Financial arbiter in the Czech Republic. It represent a specific institution for out-of-court settlement of financial disputes between providers of some financial services and their clients. The Financial arbiter does not substitute the role of courts; instead it operates alongside the judicial system and offers to the clients of financial institutions swift and free of charge alternative to the legal proceedings, which emphasizes reconciliation. In the opening chapter of this thesis I looked into the theoretical concept of this institution and characterized it as an administrative authority sui generis. In order to obtain better understanding of the institutional status of the Financial arbiter, I further compared the Financial arbiter with similar institutions in the Czech Republic and the EU. I consider the separation from the Czech National Bank and the creation of the Financial arbiter bureau, which is a government department, as a major change in the legal status of the Financial arbiter. The arbitration proceeding represents an alternative to the legal proceedings. It can be initiated only by a client`s complaint, for...
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