Financial Market Dispute Resolution: New Challenges and New Solutions

The modern financial market needs effective and customer-oriented approaches to resolving disputes between consumers and financial institutions. Today, such extra-judicial mechanisms as the institution of the financial ombudsman, mediation procedures, and arbitration are becoming increasingly important. Their further development will make justice more accessible, reduce costs, and reduce the workload on courts. Particular attention should be paid to protecting the rights of borrowers and developing unified approaches to resolving financial disputes, including with due consideration for the Uniform Rules for the Protection of Consumer Rights that have been adopted in the Union State. The session will present practical and legal aspects of alternative conflict resolution, including for disputes involving specialized arbitrators. What is the outlook for the legislative enshrinement of extra-judicial dispute resolution mechanisms in the financial market? In what cases can the use of mediation or arbitration be more effective than litigation? What conditions are needed to effectively adopt customer-oriented approaches to working with borrowers’ debt?