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

  • Vivien CHEN (a1), Andrew GODWIN (a2) and Ian RAMSAY (a3)
Abstract
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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Vivien Chen is a Research Associate, Melbourne Law School, The University of Melbourne and Lecturer, Monash Business School, Monash University.

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Andrew Godwin is an Associate Professor, Melbourne Law School, The University of Melbourne.

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Ian Ramsay is the Harold Ford Professor of Commercial Law and Director of the Centre for Corporate Law and Securities Regulation, Melbourne Law School, The University of Melbourne. The authors would like to thank Dr Benny Tabalujan for his helpful comments on the Indonesian regulatory framework. This paper is part of a project on Financial Regulation in Asia, which is funded by a grant from the Melbourne School of Government, The University of Melbourne.

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This list contains references from the content that can be linked to their source. For a full set of references and notes please see the PDF or HTML where available.

Pablo Cortes and Arno R Lodder , ‘Consumer Dispute Resolution Goes Online: Reflections on the Evolution of European Law for Out-of-Court Redress’ (2014) 21 Maastricht Journal of European and Comparative Law 14

Andy Kirkpatrick , ‘English in ASEAN: Implications for Regional Multilingualism’ (2012) 33 Journal of Multilingual and Multicultural Development 331

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Asian Journal of Comparative Law
  • ISSN: 2194-6078
  • EISSN: 1932-0205
  • URL: /core/journals/asian-journal-of-comparative-law
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