Abstract
This text focuses on consumer dispute resolution in the financial market in the context of the European Union. Consumer disputes are often asymmetric, where consumers lack information and are forced to accept the contractual terms created by the business. These terms and conditions are often disproportionately long and therefore harder for consumers to understand.
The European Union is trying to address this problem through out-of-court dispute resolution, which is a quicker and cheaper alternative to the court process. Two key tools for this purpose are the Online Dispute Resolution (ODR) Platform and the Financial Dispute Resolution Network FIN-NET. These tools make it easier for consumers and businesses to resolve financial market disputes. At the same time, the EU is working to improve the judicial process in consumer disputes, setting minimum standards for consumer protection.
The text also discusses the advantages and disadvantages of mediation compared to conciliation, from the perspective of consumers and businesses. Mediation can be advantageous for businesses when they seek to minimize the costs of dispute resolution and maintain good customer relations. On the other hand, it may be less advantageous for the consumer in minor disputes, where, on the contrary, it is more efficient to use conciliation, which is free of charge for the consumer. The author also stresses that greater awareness and information about dispute resolution options may help consumers to use this route more effectively to reach an agreement.