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Extrajudicial Conciliation Board in Liechtenstein
The extrajudicial conciliation board in Liechtenstein plays a crucial role in resolving disputes between banking customers and financial institutions. In this article, we will discuss the composition of the conciliation board, its operating procedures, and the rights and protections afforded to banking customers.
Composition of the Conciliation Board
The conciliation board consists of three members who are elected by the Financial Market Authority (FMA) from among experts in banking and financial services. Each member serves a term of five years.
Operating Procedures of the Extrajudicial Conciliation Board
The extrajudicial conciliation board operates as follows:
- Submission of Complaints: Any customer may submit a complaint to the conciliation board regarding disputes related to banking or other financial services.
- Examination and Informing Parties: The conciliation board examines the dispute and informs both parties about its view on the case.
- Settlement Drafting: In the event of an agreement between the parties, the board drafts a settlement that is binding upon both parties.
Dispute Resolution
If no agreement is reached, either party may refer the matter to court. The FMA may also issue guidelines to ensure consistency in the decision-making process of the conciliation board.
Jurisdiction Exclusions
The extrajudicial conciliation board does not have jurisdiction over disputes arising from transactions involving financial instruments (securities) or collective investment schemes.
Regulatory Framework
Liechtenstein has implemented a comprehensive regulatory framework for banking and financial services. The FMA is responsible for regulating banks and ensuring that they comply with applicable laws and regulations.
Customer Rights and Protections
Banking customers in Liechtenstein are entitled to various rights and protections, including the right to complain about their bank’s services and seek redress through an extrajudicial conciliation board.
Sources
The text is based on a combination of sources, including:
- Liechtenstein Civil Code (ABGB)
- Consumer Protection Act (KSchG)
- Ordinance on the Extrajudicial Conciliation Board in the Financial Services Sector (LGBl. 2009/279)
- FMA website and regulations