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Information

Function of the Conciliation Board

Principles of the Conciliation Board
Professional confidentiality
Statute of limitations
Regulations and code of procedure

Function of the Conciliation Board

Is the Conciliation Board a neutral mediator, and are the parties bound by his negotiated solution?

The Conciliation Board is neutral, and acts as an expert mediator with experience in the financial services field.

In an effort to avoid the need for drawn-out and costly legal proceedings, a wide variety of voluntary, out-of-court arbitration proceedings have been successfully implemented in numerous countries for many years.

The Conciliation Board is neither a court of law, nor does he have the authority to make judicial rulings. Instead, he promotes discussions between the involved parties, and submits a negotiated solution to these. As the parties are not bound by the solution proposed by the Conciliation Board, they are free either to accept this, or alternatively to take other steps, for example, legal measures.


Principles of the Conciliation Board

In order to ensure fair and transparent mediation proceedings, the Ombudsman adheres to the following principles:
  • Independence of the conciliation office, in order to ensure that the process is impartial
  • Transparency of the proceedings, in order to ensure that the parties have the opportunity to procure all necessary information and are able to evaluate the results objectively
  • Case judged on its merits, offering both parties the opportunity to present their arguments and to be kept informed about the standpoint of the respective other party
  • Efficiency of the proceedings ensured through conciliation attempt that is free for the complainant, and without the need to engage a legal representative
  • Freedom of action, as the ruling is not binding for either party
  • Opportunity to act through a representative if one party wishes to arrange to be represented by a third party
  • According to the new regulations of the Liechtenstein Government the customer has to contribute an amount of CHF 50,00.

Professional confidentiality

Is the Conciliation Board bound by the duty of professional confidentiality?

The Conciliation Board is subject to the duty of professional confidentiality. The Ombudsman will contact the Bank only if the customer has indicated his consent.


Statute of limitations

Does the involvement of the Conciliation Board suspend the term of the normal legal deadlines?

The customer’s recourse to the Conciliation Board does not suspend the term of the normal legal deadlines


Regulations and code of procedure

The government has specified the rights and duties of the Conciliation Board in the following regulation

The code of procedure is defined the following regulation: