Republic of Bulgaria : Alternative Dispute Resolution for Financial Services Options
The objective of this technical note is to evaluate the existing legal, regulatory and institutional framework of financial Alternative dispute resolution body, for example an ombudsman (ADR) mechanisms in Bulgaria, and to present the authorities w...
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| Format: | Other Financial Sector Study |
| Language: | English en_US |
| Published: |
Washington, DC
2013
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| Online Access: | http://documents.worldbank.org/curated/en/2013/06/18019165/bulgaria-alternative-dispute-resolution-financial-services-options-paper http://hdl.handle.net/10986/16060 |
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okr-10986-16060 |
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| recordtype |
oai_dc |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English en_US |
| topic |
ABUSE ACCOUNTABILITY ADMINISTRATIVE COURT ADR ALTERNATIVE DISPUTE RESOLUTION ARBITRATION ARBITRATION COURT BANK OF SPAIN BANK SUPERVISION BANKING PRODUCTS BANKING SERVICE BANKS BENEFICIARIES BEST PRACTICE BINDING DECISION BINDING DECISIONS CHECKS CLAIM CODE OF CONDUCT CONFIDENCE CONFLICTS OF INTEREST CONSOLIDATION CONSULTATION PROCESS CONSUMER ADVICE CONSUMER COMPLAINT CONSUMER COMPLAINTS CONSUMER CREDIT CONSUMER GROUPS CONSUMER KNOWLEDGE CONSUMER PROTECTION CONSUMER PROTECTION LAW CONSUMER RIGHTS CONSUMERS CONTRACTUAL DISPUTES CONTRIBUTIONS CREDIT CARDS CREDIT INSTITUTIONS CREDIT PROVIDERS CURRENCY DEPOSITS ECONOMIC CIRCUMSTANCES FINANCIAL ACCOUNTS FINANCIAL CONSUMER FINANCIAL CONSUMERS FINANCIAL CRISIS FINANCIAL EDUCATION FINANCIAL INSTITUTION FINANCIAL INSTITUTIONS FINANCIAL LITERACY FINANCIAL MARKET FINANCIAL MATTERS FINANCIAL REGULATOR FINANCIAL REGULATORS FINANCIAL SECTOR FINANCIAL SECTORS FINANCIAL SERVICE FINANCIAL SERVICE PROVIDER FINANCIAL SERVICE PROVIDERS FINANCIAL SERVICES FINANCIAL SERVICES INDUSTRY FINANCIAL SERVICES PROVIDER FINANCIAL SERVICES PROVIDERS FINANCIAL SYSTEM HEALTH INSURANCE IMPARTIAL INFORMATION INCOME INFORMAL PROCEDURE INSTITUTIONAL ARRANGEMENTS INSTITUTIONAL FRAMEWORK INSURANCE INSURANCE COMPANIES INSURANCE COMPANY INTEREST RATES INVESTIGATION INVESTIGATOR INVESTMENT CAPITAL INVESTMENT COMPANIES INVESTMENT PRODUCTS JUDGE JUDGES JUDGMENT JUDICIAL INDEPENDENCE JUDICIAL RESOLUTION JURISDICTION JUSTICE LAWS LAWYER LAWYERS LEASES LEGAL FRAMEWORK LEGAL POWERS LEGAL PROCEDURE LEGAL REQUIREMENTS LEGISLATION LICENSE LICENSES MARKET SHARE MINISTERS MORTGAGES NATIONAL BANK NATIONAL LAWS NET ASSETS PAYMENT SYSTEMS PENSION PENSION COMPANIES PENSION FUND PENSIONS PRIVATE PENSIONS PROFESSIONAL ASSOCIATIONS REASONABLE TIME REGULATORY FRAMEWORK REGULATORY RULES REORGANIZATION RESPONSIBILITIES SALARY SANCTIONS SAVINGS SECURITIES SETTLEMENT SOCIAL SECURITY SOURCE OF INFORMATION STAKEHOLDER STAKEHOLDERS STATE GOVERNMENTS THIRD PARTIES TITLE TOTAL COST TRANSPARENCY TRANSPARENT PROCEDURES UNFAIR TRADE WAIVER |
| spellingShingle |
ABUSE ACCOUNTABILITY ADMINISTRATIVE COURT ADR ALTERNATIVE DISPUTE RESOLUTION ARBITRATION ARBITRATION COURT BANK OF SPAIN BANK SUPERVISION BANKING PRODUCTS BANKING SERVICE BANKS BENEFICIARIES BEST PRACTICE BINDING DECISION BINDING DECISIONS CHECKS CLAIM CODE OF CONDUCT CONFIDENCE CONFLICTS OF INTEREST CONSOLIDATION CONSULTATION PROCESS CONSUMER ADVICE CONSUMER COMPLAINT CONSUMER COMPLAINTS CONSUMER CREDIT CONSUMER GROUPS CONSUMER KNOWLEDGE CONSUMER PROTECTION CONSUMER PROTECTION LAW CONSUMER RIGHTS CONSUMERS CONTRACTUAL DISPUTES CONTRIBUTIONS CREDIT CARDS CREDIT INSTITUTIONS CREDIT PROVIDERS CURRENCY DEPOSITS ECONOMIC CIRCUMSTANCES FINANCIAL ACCOUNTS FINANCIAL CONSUMER FINANCIAL CONSUMERS FINANCIAL CRISIS FINANCIAL EDUCATION FINANCIAL INSTITUTION FINANCIAL INSTITUTIONS FINANCIAL LITERACY FINANCIAL MARKET FINANCIAL MATTERS FINANCIAL REGULATOR FINANCIAL REGULATORS FINANCIAL SECTOR FINANCIAL SECTORS FINANCIAL SERVICE FINANCIAL SERVICE PROVIDER FINANCIAL SERVICE PROVIDERS FINANCIAL SERVICES FINANCIAL SERVICES INDUSTRY FINANCIAL SERVICES PROVIDER FINANCIAL SERVICES PROVIDERS FINANCIAL SYSTEM HEALTH INSURANCE IMPARTIAL INFORMATION INCOME INFORMAL PROCEDURE INSTITUTIONAL ARRANGEMENTS INSTITUTIONAL FRAMEWORK INSURANCE INSURANCE COMPANIES INSURANCE COMPANY INTEREST RATES INVESTIGATION INVESTIGATOR INVESTMENT CAPITAL INVESTMENT COMPANIES INVESTMENT PRODUCTS JUDGE JUDGES JUDGMENT JUDICIAL INDEPENDENCE JUDICIAL RESOLUTION JURISDICTION JUSTICE LAWS LAWYER LAWYERS LEASES LEGAL FRAMEWORK LEGAL POWERS LEGAL PROCEDURE LEGAL REQUIREMENTS LEGISLATION LICENSE LICENSES MARKET SHARE MINISTERS MORTGAGES NATIONAL BANK NATIONAL LAWS NET ASSETS PAYMENT SYSTEMS PENSION PENSION COMPANIES PENSION FUND PENSIONS PRIVATE PENSIONS PROFESSIONAL ASSOCIATIONS REASONABLE TIME REGULATORY FRAMEWORK REGULATORY RULES REORGANIZATION RESPONSIBILITIES SALARY SANCTIONS SAVINGS SECURITIES SETTLEMENT SOCIAL SECURITY SOURCE OF INFORMATION STAKEHOLDER STAKEHOLDERS STATE GOVERNMENTS THIRD PARTIES TITLE TOTAL COST TRANSPARENCY TRANSPARENT PROCEDURES UNFAIR TRADE WAIVER World Bank Republic of Bulgaria : Alternative Dispute Resolution for Financial Services Options |
| geographic_facet |
Europe and Central Asia Bulgaria |
| description |
The objective of this technical note is
to evaluate the existing legal, regulatory and institutional
framework of financial Alternative dispute resolution body,
for example an ombudsman (ADR) mechanisms in Bulgaria, and
to present the authorities with options for reform and
improvement. There is a need to further strengthen and
reform the existing financial ADR framework in Bulgaria.
Fortifying the design and structure of financial ADR
mechanisms is an important step to increase currently low
levels of consumer trust in financial services. In addition,
the implementation of the recently approved European Union
(EU) Directive on ADR will require a significant amount of
restructuring and reorganization of the existing ADR
mechanisms in Bulgaria in order to be compliant with the new
required standards. An ADR will not be a success unless
consumers can be confident that financial services providers
will take part and will follow decisions in favor of the
consumer. Bearing in mind the Bulgarian context and the
limitations imposed by the Bulgarian constitution, it is
recommended to opt for a compulsory and binding ADR
structure, but with a possibility to appeal to court.
Moreover, financial services providers should bear the
first-line responsibility for resolving complaints and be
subject to similar complaints handling rules and procedures.
In order to be successful, the new arrangements for
financial ADR need to command respect from financial
services consumers, financial services providers and the
authorities. Where the views of stakeholders currently
diverge, some compromise will be necessary in order to
create a coherent and workable system. |
| format |
Economic & Sector Work :: Other Financial Sector Study |
| author |
World Bank |
| author_facet |
World Bank |
| author_sort |
World Bank |
| title |
Republic of Bulgaria : Alternative Dispute Resolution for Financial Services Options |
| title_short |
Republic of Bulgaria : Alternative Dispute Resolution for Financial Services Options |
| title_full |
Republic of Bulgaria : Alternative Dispute Resolution for Financial Services Options |
| title_fullStr |
Republic of Bulgaria : Alternative Dispute Resolution for Financial Services Options |
| title_full_unstemmed |
Republic of Bulgaria : Alternative Dispute Resolution for Financial Services Options |
| title_sort |
republic of bulgaria : alternative dispute resolution for financial services options |
| publisher |
Washington, DC |
| publishDate |
2013 |
| url |
http://documents.worldbank.org/curated/en/2013/06/18019165/bulgaria-alternative-dispute-resolution-financial-services-options-paper http://hdl.handle.net/10986/16060 |
| _version_ |
1764431491943628800 |
| spelling |
okr-10986-160602021-04-23T14:03:23Z Republic of Bulgaria : Alternative Dispute Resolution for Financial Services Options World Bank ABUSE ACCOUNTABILITY ADMINISTRATIVE COURT ADR ALTERNATIVE DISPUTE RESOLUTION ARBITRATION ARBITRATION COURT BANK OF SPAIN BANK SUPERVISION BANKING PRODUCTS BANKING SERVICE BANKS BENEFICIARIES BEST PRACTICE BINDING DECISION BINDING DECISIONS CHECKS CLAIM CODE OF CONDUCT CONFIDENCE CONFLICTS OF INTEREST CONSOLIDATION CONSULTATION PROCESS CONSUMER ADVICE CONSUMER COMPLAINT CONSUMER COMPLAINTS CONSUMER CREDIT CONSUMER GROUPS CONSUMER KNOWLEDGE CONSUMER PROTECTION CONSUMER PROTECTION LAW CONSUMER RIGHTS CONSUMERS CONTRACTUAL DISPUTES CONTRIBUTIONS CREDIT CARDS CREDIT INSTITUTIONS CREDIT PROVIDERS CURRENCY DEPOSITS ECONOMIC CIRCUMSTANCES FINANCIAL ACCOUNTS FINANCIAL CONSUMER FINANCIAL CONSUMERS FINANCIAL CRISIS FINANCIAL EDUCATION FINANCIAL INSTITUTION FINANCIAL INSTITUTIONS FINANCIAL LITERACY FINANCIAL MARKET FINANCIAL MATTERS FINANCIAL REGULATOR FINANCIAL REGULATORS FINANCIAL SECTOR FINANCIAL SECTORS FINANCIAL SERVICE FINANCIAL SERVICE PROVIDER FINANCIAL SERVICE PROVIDERS FINANCIAL SERVICES FINANCIAL SERVICES INDUSTRY FINANCIAL SERVICES PROVIDER FINANCIAL SERVICES PROVIDERS FINANCIAL SYSTEM HEALTH INSURANCE IMPARTIAL INFORMATION INCOME INFORMAL PROCEDURE INSTITUTIONAL ARRANGEMENTS INSTITUTIONAL FRAMEWORK INSURANCE INSURANCE COMPANIES INSURANCE COMPANY INTEREST RATES INVESTIGATION INVESTIGATOR INVESTMENT CAPITAL INVESTMENT COMPANIES INVESTMENT PRODUCTS JUDGE JUDGES JUDGMENT JUDICIAL INDEPENDENCE JUDICIAL RESOLUTION JURISDICTION JUSTICE LAWS LAWYER LAWYERS LEASES LEGAL FRAMEWORK LEGAL POWERS LEGAL PROCEDURE LEGAL REQUIREMENTS LEGISLATION LICENSE LICENSES MARKET SHARE MINISTERS MORTGAGES NATIONAL BANK NATIONAL LAWS NET ASSETS PAYMENT SYSTEMS PENSION PENSION COMPANIES PENSION FUND PENSIONS PRIVATE PENSIONS PROFESSIONAL ASSOCIATIONS REASONABLE TIME REGULATORY FRAMEWORK REGULATORY RULES REORGANIZATION RESPONSIBILITIES SALARY SANCTIONS SAVINGS SECURITIES SETTLEMENT SOCIAL SECURITY SOURCE OF INFORMATION STAKEHOLDER STAKEHOLDERS STATE GOVERNMENTS THIRD PARTIES TITLE TOTAL COST TRANSPARENCY TRANSPARENT PROCEDURES UNFAIR TRADE WAIVER The objective of this technical note is to evaluate the existing legal, regulatory and institutional framework of financial Alternative dispute resolution body, for example an ombudsman (ADR) mechanisms in Bulgaria, and to present the authorities with options for reform and improvement. There is a need to further strengthen and reform the existing financial ADR framework in Bulgaria. Fortifying the design and structure of financial ADR mechanisms is an important step to increase currently low levels of consumer trust in financial services. In addition, the implementation of the recently approved European Union (EU) Directive on ADR will require a significant amount of restructuring and reorganization of the existing ADR mechanisms in Bulgaria in order to be compliant with the new required standards. An ADR will not be a success unless consumers can be confident that financial services providers will take part and will follow decisions in favor of the consumer. Bearing in mind the Bulgarian context and the limitations imposed by the Bulgarian constitution, it is recommended to opt for a compulsory and binding ADR structure, but with a possibility to appeal to court. Moreover, financial services providers should bear the first-line responsibility for resolving complaints and be subject to similar complaints handling rules and procedures. In order to be successful, the new arrangements for financial ADR need to command respect from financial services consumers, financial services providers and the authorities. Where the views of stakeholders currently diverge, some compromise will be necessary in order to create a coherent and workable system. 2013-10-03T16:47:33Z 2013-10-03T16:47:33Z 2013-06 http://documents.worldbank.org/curated/en/2013/06/18019165/bulgaria-alternative-dispute-resolution-financial-services-options-paper http://hdl.handle.net/10986/16060 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank Washington, DC Economic & Sector Work :: Other Financial Sector Study Economic & Sector Work Europe and Central Asia Bulgaria |