The following Financial Services practice note provides comprehensive and up to date legal information covering:
The Directive on Alternative Dispute Resolution for consumer disputes Directive 2013/11/EU (the ADR Directive) aims to promote the use of alternative dispute resolution schemes, in order to improve consumer protection on a European level and the efficient working of the internal market.
The ADR Directive applies more broadly than the financial services industry, but it is important for financial services firms to be aware of the ADR Directive and the rules made by the Financial Conduct Authority (FCA) and the Financial Ombudsman Service (FOS) in order to give effect to the ADR Directive.
EU Member States were required to implement the ADR Directive by 9 July 2015.
This Practice Note provides an overview of the key provisions of the ADR Directive and the implementation of the ADR Directive in the United Kingdom (with a particular focus on the financial services sector), as well as addressing the manner in which the regime has changed in the UK following the end of the Brexit transition period on 31 December 2020.
The ADR Directive aimed to increase the use of out-of-court dispute resolution schemes in the EU by providing consumers with an alternative to court proceedings that is simple, efficient, fast and low-cost.
The ADR Directive was prompted by concerns that consumers and traders were not aware
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