Legal regulation of alternative dispute resolution between suppliers and consumers of financial services in Singapore

Author(s):  E.E. Frolova, The Institute of state and law of RAS, Moscow, Russia,

Issue:  Volume 42, №24

Rubric:  Actual Problems of Legal Regulation

Annotation:  In this article, the author explored the concept of financial disputes, enshrined in the laws of Singapore, in particular the Consumer Protection (Fair Trading) Act 2003 and Consumer Protection (Fair Trading) Regulated Financial Products and Services Regulations 2009. A review of the competence of the Singapore's chief financial regulator, the Monetary Authority of Singapore (MAS), acts as the central bank of the country, the regulator of the financial sector, and also the body overseeing the financial institutions. It is concluded that under financial disputes Singapore legislation understands disputes between suppliers and consumers of financial services and products. Financial services providers include individuals and legal entities, including Commercial and Merchant banks, Capital markets, intermediaries, insurance companies and insurance brokers, financial advisors, Financial companies, Trust companies, Money Changing and Remittance Businesses, and other persons and the organizations that are the responsibility of the Monetary Authority of Singapore

Keywords:  Singapore law, financial disputes, alternative dispute resolution, mediation, adjudication, financial services, consumer protection, financial regulator, center for resolving financial disputes

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