Whether the Financial Arbitrator is or is not competent to decide a specific dispute depends on the circumstances of that case. Please be aware that the below mentioned examples shall not constitute an exhaustive or definite list of cases out of competence of the Financial Arbitrator, nevertheless it may help you to get a basic understanding of the competence of the Financial Arbitrator.
Some disputes do not fall within the competence of the Financial Arbitrator as they do not concern any of the areas enumerated in the Financial Arbitrator Act, e.g.:
a) disputes arisen in connection with other than life insurance (property insurance, accident insurance, insurance against civil liability in respect of the use of vehicles, motor vehicle insurance);
b) disputes arisen in connection with supplementary pension insurance and supplementary pension savings;
c) disputes of shareholders and bondholders if there were no investment services provided by the institution (i. e. disputes arisen in connection with direct purchase of bonds from the issuer or dipuste related to the exercise of shareholder rights);
d) disputes on investment instruments other than defined by law, such as cryptocurrencies.
Examples of disputes related to some of the areas enumerated in the Financial Arbitrator Act that do not, however, fall within the competence of the Financial Arbitrator are to be found below under specific headlines.
In addition, the Financial Arbitrator is not authorized to hear the dispute if there is one of the circumstances (objections to proceedings) set up by Sec. 9 of the Financial Arbitrator Act, i.e.
a) the Financial Arbitrator is not competent to decide the dispute,
b) the dispute has been decided in merits by the court of competent jurisdiction or the court proceedings have been initiated,
c) the dispute is currently being heard or has been decided by the Financial Arbitrator,
d) the dispute has been decided in merits in the arbitration proceedings or the arbitration proceedings have been initiated.
Please find more information on competence of the Financial Arbitrator here.
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