Cross‐border financial services and alternative dispute resolution in the European Economic Area
| Date | 01 February 2001 |
| Published date | 01 February 2001 |
| DOI | https://doi.org/10.1108/eb025066 |
| Pages | 104-110 |
| Author | David Thomas |
| Subject Matter | Accounting & finance |
Journal of Financial Regulation and Compliance Volume 9 Number 2
Cross-border financial services and
alternative dispute resolution in the
European Economic Area
David Thomas
Received: 12th March, 2001
Principal Ombudsman (Banking and Loans), Financial Ombudsman Service, South Quay Plaza,
183 Marsh
Wall,
London, E14 9SR; tel: +44(0)20 7964 1000;
e-mail: david.thomas@financial-ombudsman.org.uk
David Thomas is a solicitor admitted in
England and Wales and also in Ireland.
After a law firm career in Liverpool and
London, and eight years on the Council of
The Law Society, he was appointed as The
Banking Ombudsman with effect from 1st
January, 1997. He became Principal
Ombudsman (Banking and Loans), respon-
sible for the banking and building society
sectors, in the Financial Ombudsman
Service on 1st December, 1999. He is the
Financial Ombudsman Service's contact
with the European Commission for the
banking, insurance and investment sectors.
ABSTRACT
The paper summarises the role of alternative
dispute resolution, by ombudsmen and others,
in the development of the European single
financial market. It describes three particular
initiatives sponsored by the European Commis-
sion — a financial services alternative dispute
resolution (ADR) network, a general
consumer
ADR network and work on the relationship
between ADR schemes and the Internet — and
indicates where the Financial Ombudsman
Service fits into these.
FINANCIAL SINGLE MARKET
European directives aimed at developing a
single market in banking, insurance and
investment services apply throughout the
European Economic Area (EEA) — com-
prising the member states of both the
European Union (Austria, Belgium, Den-
mark, Finland, France, Germany, Greece,
Ireland, Italy, Luxembourg, Netherlands,
Portugal, Spain, Sweden and the United
Kingdom — which excludes the Isle of
Man and Channel Islands — and the Eur-
opean Free Trade Area (Iceland, Liechten-
stein and Norway).
The principal directives are:
— Second Banking Co-ordination Direc-
tive of 15th December, 1989: 89/646/
EEC
— Third Non-life Insurance Directive of
18th June, 1992: 92/49/EEC
— Third Life Insurance Directive of 10th
November, 1992
— First Motor Insurance Directive of 24th
April, 1972: 72/116/EEC, Second
Motor Insurance Directive of 30th
December, 1983: 84/5/EEC and Third
Motor Insurance Directive of 14th
May, 1990: 90/232/EEC
— Investment Services Directive of 10th
May, 1993: 93/22/EC.
These directives enable a banking, insur-
ance or investment services supplier
Journal of Financial Regulation
and Compliance, Vol. 9, No. 2,
2001, pp. 104-110
Henry Stewart Publications, 1358-
1988
Page 104
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