An ASEAN Framework for Cross-Border Cooperation in Financial Consumer Dispute Resolution

Asian Journal of Comparative Law, Vol. 12, No. 1, pp. 167-196, 2017

26 Pages Posted: 7 Jun 2016 Last revised: 11 Jul 2017

See all articles by Vivien Chen

Vivien Chen

Monash University - Department of Business Law & Taxation

Andrew Godwin

Melbourne Law School

Ian Ramsay

Melbourne Law School - University of Melbourne

Date Written: June 4, 2016

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 Southeast Asia's burgeoning regional financial markets. Drawing on established channels of regional cooperation among the Association of Southeast Asian Nations (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.

Suggested Citation

Chen, Vivien and Godwin, Andrew and Ramsay, Ian, An ASEAN Framework for Cross-Border Cooperation in Financial Consumer Dispute Resolution (June 4, 2016). Asian Journal of Comparative Law, Vol. 12, No. 1, pp. 167-196, 2017. Available at SSRN: https://ssrn.com/abstract=2790452

Vivien Chen

Monash University - Department of Business Law & Taxation ( email )

Caulfield Campus
Sir John Monash Drive
Caulfield East, Victoria 3084
Australia

Andrew Godwin

Melbourne Law School ( email )

185 Pelham Street
Carlton, Victoria 3053
Australia

Ian Ramsay (Contact Author)

Melbourne Law School - University of Melbourne ( email )

University Square
185 Pelham Street, Carlton
Victoria, Victoria 3010
Australia
+61 3 8344 5332 (Phone)

HOME PAGE: http://law.unimelb.edu.au/about/staff/ian-ramsay

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