Jurisdiction

Pursuant to Article 1, Act No. 229/2002 Coll., on Financial Arbitrator, FA has jurisdiction to decide on disputes between:

a) payment service providers and payment service users in providing payment services,

b) electronic money issuers and electronic money holders in issuing and redeeming electronic money,

c) creditors or intermediaries and consumers in offering, providing or brokering a consumer credit,

d) investment funds, investment companies or foreign investment companies and consumers from standard collective investment funds and special collective investment funds that gather money from the public,

if, otherwise, the jurisdiction of a Czech court is stipulated to decide such dispute. Conclusion of an arbitration agreement in favour of a private arbitrator or a private court of arbitration does not preclude Arbitrator’s authority. Arbitrator primarily seeks to resolve a dispute by means of an amicable settlement.

Commentary

This category includes all disputes concerning:

-          problems related to a debit card or electronic purse, such as the type of dispute when a debit card has been abused at a cash dispensing machine or at a vendor, both nation-wise and internationally (in the EU and EC territory) etc.;

-          problems related to provision or distribution of a consumer credit, such as failure to provide a consumer with the pre-contractual information or to assess the creditworthiness of the consumer etc.;

-          problems related to collective investment products, such as failure to provide a consumer with the information about an investment or errors in the calculation of the value of a share etc.