Justice in financial services disputes is to be found in the common law, says Michel Reznik, as he presents the case for a Financial Services Tribunal
- There is a gap in financial services dispute resolution.
- Courts are too expensive for small businesses.
- Jurisdiction of the Financial Ombudsman Service is too restrictive.
The All Party Parliamentary Groups (APPG) on Fair Business Banking and Alternative Dispute Resolution joined forces in January 2017 to announce a joint three-stage inquiry with a view to ‘produce a set of solid proposals upon which we can address the current imbalance and build a solid foundation for effective dispute resolution’ according to George Kerevan MP, the incumbent Chair of the APPG on Fair Business Banking.
The intellectual foundation for this inquiry was laid by Richard Samuel, barrister at 3 Hare Court, who published two seminal articles in the Capital Markets Law Journal, ‘Tools for changing the banking culture: FCA are you listening?’: April 2016 Volume 11 Issue 2: 129-144 and ‘Tools for Culture Change: FCA now you are listening!’. Richard
