The legal position of the financial arbitrator within the system of the state authorities in the Czech Republic.

Abstract

In compliance with Article 10 of the Directive 97/5/EC of the European Parliament and of the Council of 27 January 1997 on cross-border credit transfers and some other recommendations a financial arbitrator has been established in the Czech Republic by the Act No. 229/2002 Coll. The main competence of the financial arbitrator is to adjudicate on disputes between consumers and financial institutions relating to credit transfers and operations based on the banking cards within the Czech Republic.Legal position of the financial arbitrator within the system of state authorities in the Czech Republic was leveled up namely from the point of view of the obligations of the financial arbitrator, the legal framework of the specific administrative procedure regarding ruling of the financial arbitrator and the competencies of the courts in reviewing decisions of the financial arbitrator.Certain open issues in the law regulating the legal position of the financial arbitrator were described in the essay, but the recent legal regulation was recognized as a good starting point for the consumer protection in that area.