Mediation for financial services in France

Transcription

1 Mediation for financial services in France Insurance : FFSA Credit : ASF Stock market : AMF Banking : FBF

2 Mediation in insurance 1993 :The French Insurance Association Charter The «Médiateur» ( Ombudsman)

3 Main characteristics The scheme complies with the recommandations of the EU Commission of 1998 & 2001 : impartiality, independence, transparency, fairness, effectiveness, legality, representation, adverserial principle,liberty It is not compulsory,nor binding Limited to litigations between an individual (insured or third party) and an insurance company member of the FFSA

4 Procedure Mediation : last chance before trial All means of internal agreement or conciliation must have occured without success Possibility to seize directly the mediator Written procedure No court action on the case must exist or intervene

5 The preconized solutions A formal written advice is given by the mediator within 3 months after submission of the case with all necessary documentation The advice is given according to the law but also in equity Both parties are free to follow or not the advice and can go to court at any time

6 Main advantages of mediation Unformal Cost free for the claimant Simple access Confidentiality Gives priority to the dialogue between claimants and professionals Shorts delays Not binding

7 Results in demands of mediation 21,4% non life;78,6% life & personnal Insurance guarantee linked to a bank loan is one of the main source of conflicts, in quantity just after private life and before car insurance Less than 30 % of the cases have needed a formal written advice of the mediator

8 The advices in % of the formal written advices are totally or partially in favour of the claimant (versus 50/50 six years ago) 94 % of the advices are accepted and followed by the parties

9 Mediation of the Association Française des Sociétés Financières : ASF Created by the ASF in 1995 on a volountary basis and in cooperation with the consumers associations in order to improve the reputation of credit societies The mediation service, based within the ASF, gives assistance to its members in order to achieve a solution, mainly by mean of conciliation 736 demands in Only 5 written advices have been given by the mediator who is an independent personality

10 Mediation of the Autorité des Marchés Financiers : AMF A mediation service within the authority has been created in 1997 by the law ( art L of the monetary and financial code) The mediator s role is to search for a conciliation in case of litigation between an individual investor and a professional

11 Mediation of the Fédération Bancaire Française : FBF Created by the law of december 11th 2001 and imposed to the banks which must either set up their own mediation service or call on the mediator of the FBF Banks must inform the customers on the mediation system available The law limits the mediation field of competency mainly to the current bank accounts litigations but each bank can accept to widen the fiels to all types of conflicts 119 banks out of over 500 on the market have chosen the FBF mediator 938 cases have been submitted in 2006

12 The Autorité de Contrôle des Assurances et des Mutuelles: ACAM The French Supervisory authority is in charge of the control of insurance companies regarding compliance with the insurance code and the insurance contracts It recently created a bureau (BRA) dedicated to the public which gives information and deals with the complaints The BRA tries to obtain from the insurance company a change of its position when the attitude is not in compliance The BRA does not interfere as soon as a tribunal is seized or the mediator has given an advice

13 FIN NET The following systems complying with the EU recommandations 98/257/CE and C(2001) 1016 have been notified to the Commision and are members of Fin net: - Mediator of FFSA - Mediator of ASF - Mediator of AMF

14 Useful adresses Fédération Française des sociétés d assurances : Institut national de la Consommation: Autorité de contrôle des assurances et mutuelles : Fédération bancaire française: Association des sociétés financières : Autorité des marchés financiers :

15 Conclusion Mediation as an out of court scheme to resolve consumers disputes is different from conciliation or arbitration. It is essentially based on good will and good faith and it s success certainly relies on the fact that is a space of freedom : - Freedom of the parties to chose the mediation - Freedom of the mediator in it s decision - Freedom to follow or not the preconized solution