An ASEAN framework for cross-border cooperation in financial consumer dispute resolution

Vivien Chen, Andrew Godwin, Ian Ramsay

Research output: Contribution to journalReview ArticleResearchpeer-review

Abstract

The increasing integration of regional markets in Southeast Asia has led to the need for a regional framework for financial consumer protection. Access to affordable redress mechanisms is essential for consumer confidence in ASEAN's burgeoning regional financial markets. Drawing on established channels of regional cooperation among ASEAN Member States, this article proposes a framework based on international best practices and existing financial consumer dispute resolution mechanisms in ASEAN 5 countries. It explores the need for cross-border cooperation to facilitate the effective resolution of financial consumer disputes arising from cross-border transactions. Key proposals include requiring ASEAN CIS passport operators to submit to the jurisdiction of host country financial consumer alternative dispute resolution mechanisms. The ASEAN Committee on Consumer Protection, with its contact points in each Member State and website on available consumer redress mechanisms across ASEAN, provides a platform for the strengthening of cross-border cooperation and facilitating financial consumer access to affordable redress in cross-border transactions.

Original languageEnglish
Pages (from-to)167-196
Number of pages30
JournalAsian Journal of Comparative Law
Volume12
Issue number1
DOIs
Publication statusPublished - 1 Jul 2017

Cite this

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abstract = "The increasing integration of regional markets in Southeast Asia has led to the need for a regional framework for financial consumer protection. Access to affordable redress mechanisms is essential for consumer confidence in ASEAN's burgeoning regional financial markets. Drawing on established channels of regional cooperation among ASEAN Member States, this article proposes a framework based on international best practices and existing financial consumer dispute resolution mechanisms in ASEAN 5 countries. It explores the need for cross-border cooperation to facilitate the effective resolution of financial consumer disputes arising from cross-border transactions. Key proposals include requiring ASEAN CIS passport operators to submit to the jurisdiction of host country financial consumer alternative dispute resolution mechanisms. The ASEAN Committee on Consumer Protection, with its contact points in each Member State and website on available consumer redress mechanisms across ASEAN, provides a platform for the strengthening of cross-border cooperation and facilitating financial consumer access to affordable redress in cross-border transactions.",
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An ASEAN framework for cross-border cooperation in financial consumer dispute resolution. / Chen, Vivien; Godwin, Andrew; Ramsay, Ian.

In: Asian Journal of Comparative Law, Vol. 12, No. 1, 01.07.2017, p. 167-196.

Research output: Contribution to journalReview ArticleResearchpeer-review

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