Generally
The Hellenic Ombudsman for Banking-Investment Services is part of the wide range of alternative systems of dispute resolution (Alternative Dispute Resolution) developed in Europe in the last twenty years, to complement judicial processes in order to boost consumer confidence in the Single Market.
In particular, the financial sector, new technologies, internationalization and liberalization of trade and the growing competition, coupled with the existence of gaps in the legislation on consumer protection and the slowness, cost and complexity of the judicial system, led to self-regulation, with a prevalence of ethical standards and the establishment of court redress schemes.
On 18.06.2013 the new legislative framework for ADR was published, comprising
- The Directive 2013/11/EU of the European Parliament and of the Council of 21 May 2013 on the alternative dispute resolution for consumer disputes (Alternative Dispute Resolution) and
- The Regulation (EU) No. 524/2013 of the European Parliament and of the Council of 21 May 2013 on the online dispute resolution for consumer disputes (Online Dispute Resolution – ODR).
The Directive ensures that consumers may use ADR entities that meet certain quality criteria, for each type of difference they have with suppliers of goods or services, regardless of what they bought.
The Regulation also establishes the creation and operation of a single EU-wide platform for online dispute resolution (ODR platform), which serves all the EU countries and enables consumers and suppliers to submit any disputes arising from online shopping, at an online resolution process.
The ODR platform connects all national ADR entities. This single entry point is an interactive, user friendly website, available in all official EU languages and accessible free of charge. ADR rules apply from 9 July 2015 and the operation of the platform began on 15 February 2016.
The process by ODR platform is completed electronically and is performed in four steps:
- Complaint submission by the consumer at the supplier by completing a form
- The complaint is sent to the supplier – agreement between the two parties on an ADR body
- The ODR platform automatically sends the complaint to the ADR entity
- Processing of the complaint by the dispute settlement body, results and conclusion of the complaint within 90 days
Relevant links
http://eur-lex.europa.eu/legal-content/EL/ALL/?uri=OJ:L:2013:165:TOC
https://webgate.ec.europa.eu/odr/main/index.cfm?event=main.home.chooseLanguage
http://www.efpolis.gr/el/library2.html?func=fileinfo&id=333
http://www.efpolis.gr/el/library2.html?func=fileinfo&id=354
http://ec.europa.eu/finance/fin-net/members_en.htm
https://webgate.ec.europa.eu/odr/main/?event=main.home.show
From the above it is understood that:
- The work required to be performed, carries out the EU decision for the electronic web interface of the European ODR platform with the Greek platform H.O.B.I.S.
- The creation and integration of this funded application will contribute substantially to the economic growth, given that the cost of litigation of a dispute arising between operators and consumers outweighs the economic value of the transaction that took place. This fact, combined with the long time normally required to issue a judgment, makes court disadvantageous for consumers. In the EU there are over 750 schemes/systems of alternative dispute resolution that work differently and are characterized by a different name. Of these, only 17 countries are connected to the ODR system with 114 so far ADRs, among these is the Hellenic Ombudsman for Banking-Investment Services.
- It is obvious that achieving the merging of the EU ODR Platform systems are expected to contribute significantly to the improvement of the daily life of all European citizens and small businesses served by the new system electronically 365 days a year and 24 hours a day via their electronic tablet computers and mobile phones.
Section 3
– The implementation of the project will follow the following steps:
- Gradual integration of the Greek Electronic submission Platform.
- Creating technical infrastructure and installation of the necessary equipment (software licenses, systems, hardware).
- Developing specialized software to merge the European platform and the Greek platform.
- Selection of specific representative samples of customers and suppliers for the pilot operation of the project [Clients (Individuals, Entrepreneurs, Investors) Banks, Investment Services, Banks, Investment Companies].
- Notification of the project in the broader consumer audience and full implementation of the project.
- Publicity of the project with “Below the Line” actions (brochures) to bank tellers, direct mail to customers, and “Above the Line” actions through interviews and articles in the media in newspapers and social media.
- The full development of the project and its publicity of the wider general public in Greece and in Europe also through FIN-NET, member of which is the Hellenic Ombudsman for Banking-Investment Services is expected to contribute significantly to the development, the sustainability and the welfare in our economy.
