14 Redress

2016 ◽  
Author(s):  
Morris Simon
Keyword(s):  
Consumer Protection ◽  
Financial Services ◽  
Compensation Scheme ◽  
Complaint Handling ◽  
Regulated Firms ◽  
Consumer Interests ◽  
The Way

This chapter concerns the seven principal aspects of redress under the Financial Services and Markets Act (FSMA) 2000. Redress may be due when the primary goal of consumer protection has failed to attain its objective and a customer suffers loss or inconvenience. This chapter considers the Financial Conduct Authority’s (FCA) requirements for firms with regard to complaint handling. It also looks at the process by which disputes between retail customers and regulated firms can be brought to the Financial Ombudsman Service (FOS) and the way in which the FOS will decide a dispute. The process by which a designated consumer body can bring complaints to the FCA regarding consumer interests, and the role of the Financial Services Compensation Scheme (FSCS), are explained. Finally, the role of consumer redress schemes, restitution orders, and other circumstances where consumers may obtain redress are explained.

Part II Financial Services Regulation, 10 Financial Redress—Complaints, Disputes, and Compensation

2018 ◽  
Author(s):  
Walker George ◽  
Purves Robert ◽  
Blair Michael
Keyword(s):  
Dispute Resolution ◽  
Financial Services ◽  
Compensation Scheme ◽  
Consumer Complaints ◽  
Financial Services Regulation ◽  
Complaint Handling ◽  
Financial Services Firms

This chapter examines the regulatory procedures for handling consumer complaints involving financial services firms as well as the process of dispute resolution and compensation available to complainants. In particular, it discusses the role of the Financial Ombudsman Service (FOS) and the Financial Services Compensation Scheme (FSCS), introduced under the Financial Services and Markets Act 2000 (FMSA). It also considers the functions of the Financial Conduct Authority (FCA). The chapter first provides an overview of the DISP Rules, which contain the complaint handling requirements for firms, before describing major sources of complaints against financial services firms, including Payment Protection Insurance (PPI). It then analyses financial redress by the FCA in the form of restitution, injunctions, industry review, and a ‘qualifying parent undertaking’. It also looks at the statutory frameworks of the FSO and the FSCS.

Part B Merger, Reorganization, and Insolvency of Banks, 13 Deposit Protection Schemes

2015 ◽  
Author(s):  
Proctor Charles
Keyword(s):  
Financial Services ◽  
Legal Aspects ◽  
Eu Law ◽  
Compensation Scheme ◽  
The Uk

This chapter reviews deposit protection arrangements which come into operation on the insolvency of a bank. It covers EU law requirements in the field of deposit protection; the implementation of those requirements in the UK by means of the Financial Services Compensation Scheme; the revisions to the powers and role of that scheme made pursuant to Part 4 of the Banking Act 2009; and the legal aspects of the recent diplomatic rift between the UK and Iceland, following from deposit protection arrangements applicable to the UK branch of an Icelandic bank.

scholarly journals PERAN OTORITAS JASA KEUANGAN DALAM PENYELESAIAN PENGADUAN KONSUMEN SEKTOR JASA KEUANGAN

2018 ◽  
Vol 5 (1) ◽  
pp. 236
Author(s):  
Marwah Marwah
Keyword(s):  
Empirical Research ◽  
Consumer Protection ◽  
Financial Services ◽  
Accurate Information ◽  
Business Service ◽  
Services Sector ◽  
Consumer Complaints ◽  
Financial Services Sector ◽  
Laws And Regulations

Abstract                Under the provisions of Article 22 paragraph (1) of the Financial Services Authority Regulation No. 1/POJK.07/2013 on Consumer Protection of the Financial Services Sector, whereas in the case of Business Service Actors using standard agreements, such standard agreements shall be prepared in accordance with the laws and regulations . However, based on the results of the research, in the current banking practice, the agreement format has been prepared unilaterally by the bank in the form of standard conditions set forth in the printed form, and then presented to applicant debtor for approval. This study aimed to find out about the role of the Financial Services Authority as a facilitator in providing accurate information and provide facilities for the settlement of consumer complaints. This research was an empirical research conducted in Makassar city. The results indicated that the Financial Services Authority as a facilitator, not optimal in protecting the mortgage debtor.Key Word : Role of the Financial Services Authority, Debtor Protection Abstrak             Berdasarkan ketentuan Pasal 22 ayat (1) Peraturan Otoritas Jasa Keuangan Nomor 1/POJK.07/2013 tentang Perlindungan Konsumen Sektor Jasa Keuangan, bahwa dalam hal Pelaku Usaha Jasa Keuangan menggunakan perjanjian baku, maka perjanjian baku tersebut wajib disusun sesuai dengan peraturan perundang-undangan. Namun, berdasarkan hasil penelitian, dalam praktik perbankan saat ini, format perjanjian telah disiapkan secara sepihak oleh pihak bank berupa syarat-syarat baku yang dituangkan dalam formulir yang sudah dicetak, dan kemudian disodorkan kepada calon nasabah debitor untuk disetujui. Penelitian ini bertujuan untuk mengetahui mengenai peran Otoritas Jasa Keuangan sebagai fasilitator dalam menyediakan informasi yang akurat serta memberikan fasilitas penyelesaian pengaduan konsumen. Penelitian ini merupakan penelitian empiris yang dilaksanakan di kota Makassar. Hasil penelitian menunjukkan bahwa Otoritas Jasa Keuangan sebagai fasilitator, belum optimal dalam melindungi debitor Kredit Pemilikan Rumah.Kata Kunci : Peran Otoritas Jasa Keuangan, Perlindungan Debitor   

scholarly journals (The Role of Financial Inclusion in Providing Protection to Beneficiaries of Financial Services in the Palestinian Banking Sector (2013/2017: دور الشمول المالي في توفير الحماية للمستفيدين من الخدمات المالية في القطاع المصرفي الفلسطيني- الفترة (2013- 2017)

2019 ◽  
Vol 3 (6) ◽  
Author(s):  
Yasser Ahmed Shaheen
Keyword(s):  
Consumer Protection ◽  
Financial Services ◽  
Financial Stability ◽  
Banking Sector ◽  
Secondary Data ◽  
Financial Education ◽  
Financial Inclusion ◽  
Banking Services ◽  
Degree Of Protection

  The study aimed at examining some of the indicators of financial inclusion in the Palestinian banking sector through published secondary data on the Palestinian banking sector during the period (2013- 2017), as well as to measure the degree of protection for beneficiaries of financial services in the Palestinian banking sector. The researcher used the descriptive analytical method to suit the purposes of the study. The secondary data published and prepared by the researcher were used to examine the state of financial coverage in the banking sector. A questionnaire has been designed for the purpose of collecting preliminary data regarding the level of protection provided by the banking sector to users of financial banking services through 8 areas of protection developed after reference to literature and previous studies. The study population consisted of all the beneficiaries of banking financial services in the West Bank. In view of the large size of the study society, a soft sample of (100) conditional on the characteristics of the respondents was used in terms of (banking culture, years of experience in dealing with banks, Sectoral& banking diversification).The researcher reached the following results: - The Palestinian banking sector promotes the reality of financial inclusion, which contributes significantly to enhancing financial stability. Where banks are strengthening protection for users of banking services, although the level of protection was average (2.78) overall score through the eight areas covered by the study. - The regulatory and supervisory role of the Palestinian Monetary Authority in this important sector was medium. Consumer protection bodies are required to have an active and proactive role to organize the required protection. The researcher recommended the importance of financial education to improve the financial personality of individuals and institutions, help them understand their rights and duties in dealing with the services discharged, the importance of the consumer protection associations roles in enhancing banking protection.    

scholarly journals THE ROLE OF FINANCIAL SERVICES AUTHORITY IN THE CONSUMER PROTECTION AMID THE GROWTH OF FINTECH INDUSTRY IN INDONESIA

2019 ◽  
Vol 31 (2) ◽  
pp. 297 ◽  
Author(s):  
Johanes Widijantoro
Keyword(s):  
Consumer Protection ◽  
Financial Literacy ◽  
Financial Services ◽  
The Body ◽  
Financial Inclusion ◽  
The Other ◽  
Other Hand ◽  
Financial Technology

The growth of the financial technology (fintech) industry is a necessity as an effort to make financial services more practical and efficient. On the other hand, consumers of financial services are still low in financial literacy levels, especially in considering various risks that can occur in dealing with the fintech industry. Indonesian Financial Services Authority (OJK) is the body responsible for carrying out the protection of consumers of financial services. This article describes how legal matters in the fintech business, which are actually useful and can encourage financial inclusion, but on the other hand have the potential to harm consumers if they are not properly regulated. Existing related OJK Regulations would be examined and what things should be regulated by the OJK so that consumers of financial services are protected amid the development of fintech, will also be elaborated in this article. This article respectively describes the rationality of consumer protection in the financial services, the dynamics of fintech growth and its problems, and an analysis of the role of OJK in the era of fintech industry.

scholarly journals Penerapan Konsep Utilitarianisme Untuk Mewujudkan Perlindungan Konsumen Yang Berkeadilan Kajian Peraturan Otoritas Jasa Keuangan Nomor: 1/POJK.07/2013 Tentang Perlindungan Konsumen Sektor Jasa Keuangan

2019 ◽  
Vol 19 (1) ◽  
pp. 15
Author(s):  
Dwi Edi Wibowo
Keyword(s):  
Consumer Protection ◽  
Financial Services ◽  
Peer To Peer ◽  
Financial Industry ◽  
Fast Process ◽  
Bank Institution ◽  
P2p Lending ◽  
Peer Lending ◽  
Financial Technology

Abstrak Peranan internet dalam teknologi informasi telah digunakan untuk mengembangkan industri keuangan  (financial industry)  melalui modifikasi dan efisiensi layanan jasa keuangan yaitu dikenal dengan istilah Financial Technology atau Fintech. Fintech jenis pinjam-miminjam uang berbasis teknologi atau peer to peer lending (P2P-lending) merupakan jenis Fintech yang tumbuh pesat di Indonesia, kelebihan pinjam meminjam uang melalui layanan P2P-lending lainnya adalah syarat yang sangat mudah dan proses yang cepat dibandingkan meminjam uang melalui Lembaga Bank. Namun kemudahan transaksi yang ditawarkan oleh layanan P2P- lending justru memperlemah posisi dari konsumen. Permasalahan Bagaimanakah Penerapan Konsep Utilitarianisme Untuk Mewujudkan Perlindungan Konsumen Fintech. (Financial Technology) Yang Berkeadilan, Tujuan  untuk mengetahui bagaimanakah penerapan konsep utilitarianisme untuk mewujudkan perlindungan kosnumen fintech ( finansial technology yang berkeadilan . Kata kunci : utilitarianisme, perlindungan konsumen, berkeadilan Abstrak The role of the internet in information technology has been used to develop the financial industry through the modification and efficiency of financial services, known as Financial Technology or Fintech. Fintech borrows money based on technology or peer to peer lending (P2P-lending) is a fast-growing type of Fintech in Indonesia, the advantages of lending and borrowing via other P2P-lending services are very easy conditions and a fast process compared to borrowing money through Bank Institution. But the ease of transactions offered by P2P-lending services actually weakens the position of consumers. Problems How to Implement the Utilitarianism Concept to Realize Fintech Consumer Protection. (Financial Technology) that is just, the aim is to find out how the application of the concept of utilitarianism is to realize the protection of fintech consumers (equitable technology finance. Keywords: utilitarianism, consumer protection, justice 

scholarly journals Peran Otoritas Jasa Keuangan dalam Pengawasan Lembaga Baitul Maal wa Tamwil (BMT): Studi Kasus BMT Global Insani

2019 ◽  
Vol 2 (1) ◽  
pp. 119-145
Author(s):  
Tita Novitasari
Keyword(s):  
Consumer Protection ◽  
Financial Services ◽  
Limited Liability ◽  
Microfinance Institutions ◽  
Governmental Organization ◽  
Regulation And Supervision ◽  
The Status ◽  
Domestic Affairs

This article discusses the role and involvement of the Financial Services Authority (OJK) in overseeing the Baitul Maal wa Tamwil (BMT) institution, especially in relation to the protection of illegal BMT customers. After the legislation and enactment of Law Number 1 of 2013 about Microfinance Institutions (UULKM), the establishment, guidance, regulation, and supervision of BMTs have changed. BMT organizations that originally could have been in the form of cooperative, foundation, limited liability companie, and even non-governmental organization, now must be in the form of cooperative or limited liability companie. However, in terms of guidance, OJK still needs to coordinate with ministries that carry out cooperative and domestic affairs, and therefore LKM guidance are actually under three authorities: OJK, the Ministry of Cooperatives and SMEs, and the Ministry of Home Affairs. Whereas in terms of regulation and supervision, authority is absolutely in OJK. The validity of UULKM also requires BMT to obtain a business license from OJK, and if not, the status means illegal. Taking the BMT (illegal) Global Insani case as an example, this article shows the role of OJK in BMT supervision has been expanded, from the institutional to the consumer protection aspects. Consumer protection efforts that can be done by OJK are through the mechanism of complaint, investigation, reporting, and prosecution. Abstrak Artikel ini membahas peran dan keterlibatan Otoritas Jasa Keuangan (OJK) dalam mengawasi lembaga Baitul Maal wa Tamwil (BMT), terutama dikaitkan dengan perlindungan nasabah BMT ilegal. Pasca dibentuk dan diberlakukannya Undang-undang Nomor 1 Tahun 2013 tentang Lembaga Keuangan Mikro (UULKM), maka pendirian, pembinaan, pengaturan, dan pengawasan BMT menjadi berubah. Organisasi BMT yang semula dapat berupa koperasi, yayasan, perseroan terbatas, dan bahkan kelompok swadaya masyarakat, saat ini harus berbentuk koperasi atau perseroan terbatas. Namun demikian, dalam hal pembinaan, OJK masih perlu berkoordinasi dengan kementerian yang menyelenggerakan urusan koperasi dan dalam negeri, dan karenanya LKM sesungguhnya berada di bawah tiga otoritas, yaitu OJK, Kementerian Koperasi dan UKM, dan Kementerian Dalam Negeri. Sedangkan dalam hal pengaturan dan pengawasan, kewenangan secara absolut ada pada OJK yang. Keberlakuan UULKM juga mewajibkan BMT memperoleh izin usaha dari OJK, dan jika tidak, statusnya berarti ilegal. Dalam artikel ini ditunjukkan, dengan mengambil contoh BMT (ilegal) Global Insani, peran OJK dalam pengawasan BMT telah diperluas, dari aspek kelembagaan hingga aspek perlindungan konsumen. Perlindungan konsumen yang dapat dilakukan OJK ialah melalui mekanisme pengaduan, penyelidikan, hingga pelaporan dan penuntutan.

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