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Enquiries

Prerequisites for taking action

Lack of jurisdiction
Proceedings before the Conciliation Board

pdf Declaration of Authorisation



Prerequisites for taking action

What prerequisites must be fulfilled for the Conciliation Board to take action pursuant to the FSV?

  • The complaint comes from a client with a residence or domicile outside the EEA (EU member states and the three additional EEA member states of Iceland, Liechtenstein and Norway).
  • The complaint is directed against a bank, asset management company, securities firm, payment service provider, electronic money issuer, management company, self-managed UCITS or depositary under the Act on Certain Undertakings for Collective Investment in Transferable Securities (UCITSG) as well as against investors and AIFM, self-managed AIFM, depositaries, administrators or distributors under the Alternative Investment Fund Managers Act (AIFMG) and trustees or trust companies.
  • The client should firstly direct his complaint to the institution and demand an answer in writin

What prerequisites must be fulfilled for the Conciliation Board to take action for alternative dispute resolution proceedings pursuant to the AStG?

  • It must relate to a dispute between a consumer from the EEA (including EU) and a Liechtenstein enterprise in the financial services sector arising from a contract for valuable consideration.
  • The dispute must not fall within the jurisdiction of another alternative dispute resolution authority within the meaning of Art. 4 para. 1 AStG (conciliation boards under the communications legislation, electricity market legislation, gas market legislations or the Office of Economic Affairs in its capacity as alternative dispute resolution authority in consumer protection matters).
  • The dispute must also not relate to any contracts on health services, disputes with public providers of further and higher education, non-economic services of general interest or contracts for sale of immovable property.
  • Before appealing to the Conciliation Board, the client should himself firstly have attempted to reach an agreement with the enterprise.

Lack of jurisdiction

With respect to which cases is the Conciliation Board unable to become involved?
  • To clarify questions relating to the general business and tariff policy of the institute
  • To clarify abstract legal and business questions
  • If another authority is already active in this matter, or if a ruling has already been made.

Proceedings before the Conciliation Board

The client should firstly direct his complaint to the institution and/or enterprise, and demand an answer in writing. If no answer is received or if this answer is unsatisfactory, the client can approach the Conciliation Board verbally or in writing.

Simple enquiries are dealt with by the conciliator verbally. In the case of complex questions the Conciliation Board may obtain additional documents from the client and also request the institution and/or enterprise to submit a supplementary statement. It may also be the case that, on account of its highly complex nature, a particular matter may not be appropriate for conciliation proceedings, or that the Conciliation Board requests the client to appeal directly to the ordinary courts for a different reason.

To simplify and expedite the conciliation proceedings the client should present the facts clearly and indicate precisely what claims he is asserting against the institution and/or enterprise.

The Conciliation Board is empowered to demand from the institution and/or enterprise all necessary information for the assessment of the case in question and to inspect the files. For this purpose it requires an authorization from the client so that the institution and/or enterprise is released from its legal obligation of professional discretion vis-à-vis the Conciliation Board ( Declaration of Authorisation).

After the Conciliation Board has acquired a complete picture of the facts upon which the complaint is based, presents to the parties a non-binding proposal for a solution. Both the client as well as the institution and/or enterprise are free to initiate further legal steps.