title: Compulsory financial ombudsman under the regulator’s umbrella: Testing a new model of dispute settlement
metadata.name: dc.contributor.author
metadata.value: Molodyko, Kirill Yu.
metadata.lang: -
metadata.name: dc.date.accessioned
metadata.value: 2023-02-07T17:46:57Z
metadata.lang: -
metadata.name: dc.date.available
metadata.value: 2023-02-07T17:46:57Z
metadata.lang: -
metadata.name: dc.date.issued
metadata.value: 2022-12
metadata.lang: -
metadata.name: dc.identifier.citation
metadata.value: Molodyko, Kirill Yu. 2022. Compulsory financial ombudsman under the regulator’s umbrella: Testing a new model of dispute settlement. Pravovedenie 66 (4): 386–407. https://doi.org/10.21638/spbu25.2022.403
metadata.lang: en_GB
metadata.name: dc.identifier.other
metadata.value: https://doi.org/10.21638/spbu25.2022.403
metadata.lang: -
metadata.name: dc.identifier.uri
metadata.value: http://hdl.handle.net/11701/39044
metadata.lang: -
metadata.name: dc.description.abstract
metadata.value: In post-Soviet countries, the courts are not always effective in resolving consumer disputes.
  I compare the models of organizing the work of financial ombudsmen in Russia, Kazakhstan,
  Azerbaijan and Armenia, as well as plans for its implementation in Kyrgyzstan and Belarus. Models
  of compulsory mediation in a number of European jurisdictions are also analyzed. In some
  countries there is a tendency towards an increase in the influence of the regulator on the work
  of financial ombudsmen. The reform of the Russian financial ombudsman is the first attempt at
  introducing a new compulsory ombudsman model for financial markets. It will be a mandatory
  stage initiation of a lawsuit in a civil court. The new Russian model is unique, differing both from
  the models established in the countries of the European Union (centralized, decentralized, professional
  association), as well as models implemented in other post-Soviet countries. The Russian
  financial ombudsman model is essentially a combination of Italian compulsory mediation
  on the basis of coercion before the dispute is considered by the court, and the English financial
  ombudsman on the basis of a vertical system headed by a sole chairman who is de facto appointed
  by the financial services regulator, while membership in this system of financial institutions
  that provide regulated services is generally mandatory. Whether the compulsory financial
  ombudsman under the Central Bank ‘umbrella’ will manifest itself positively or negatively will
  determine the possibility of extending this scheme to other categories of consumer disputes in
  the financial markets and such as housing construction and repair, utilities, and telecommunications
  with many small and medium consumer claims. Furthermore, since a number of post-
  Soviet countries continue to rely on the Russian experience, in such countries there may be an
  expansion of mandatory ombudsmen under the umbrella of regulators as well.
metadata.lang: en_GB
metadata.name: dc.language.iso
metadata.value: en
metadata.lang: en_GB
metadata.name: dc.publisher
metadata.value: St Petersburg State University
metadata.lang: en_GB
metadata.name: dc.relation.ispartofseries
metadata.value: Pravovedenie;Volume 66; Issue 4
metadata.lang: -
metadata.name: dc.subject
metadata.value: consumer protection
metadata.lang: en_GB
metadata.name: dc.subject
metadata.value: compulsory financial ombudsman
metadata.lang: en_GB
metadata.name: dc.subject
metadata.value: regulatory body competence
metadata.lang: en_GB
metadata.name: dc.subject
metadata.value: alternative dispute resolution
metadata.lang: en_GB
metadata.name: dc.subject
metadata.value: mandatory pre-trial procedure
metadata.lang: en_GB
metadata.name: dc.title
metadata.value: Compulsory financial ombudsman under the regulator’s umbrella: Testing a new model of dispute settlement
metadata.lang: en_GB
metadata.name: dc.type
metadata.value: Article
metadata.lang: en_GB
resources.filename: 03.pdf
resources.url: https://dspace.spbu.ru/bitstream/11701/39044/1/03.pdf
resources.format: Adobe PDF
resources.size: 841,09 kB