Theoretical and practical aspects of APPLICATION OF alternative WAYS OF disputeS SETTLEMENT IN THE BANK SYSTEM

In the article the author has revealed the issue of ineffectiveness of traditional ways of protection of the rights of the financial services market participants due to the increase of the interest to the crediting as one of the most dynamically developing directions of the bank activity. With this regards it has been proposed to use the alternative methods of disputes settlement. The main types have been determined, among which the extrajudicial, universal and judicial ways of the parties’ conciliation and the methods of their practical use have been examined from the theoretical point of view, which are contributing to the optimization of the conflict resolution process. Meanwhile, the current legislation is not enough effective in regulating the issues of protection of the rights of participants of the civil-legal turn-over in the process of appropriate execution of the accepted credit liabilities by means of using alternative methods of disputes settlement.

bank system, crediting, alternative methods of settlement, mediated clause, the Commission for consideration of disputes, financial ombudsman, negotiations, mediation procedure, settlement agreement, civil and arbitration process