Voluntary, out-of-court procedures for resolving disputes have proved their worth many times over in different countries and also in different sectors.
The Banking Ombudsman is neutral. He can provide reliable information and act as an independent mediator in disputes. Expensive, time-consuming legal proceedings, which often take years, are thus avoided.
The Banking Ombudsman is not a state court. Instead of issuing a judgment, he submits a negotiated solution to the parties to the dispute. This proposal is not binding, and the parties are free to decide whether to follow it or take other measures, such as legal actions. However, experience has shown that thanks to the expertise of the Banking Ombudsman, negotiated solutions tend to be accepted.
The mediation procedure with the Banking Ombudsman is free of charge for clients.
The Ombudsman is bound to confidentiality. He will only consult with the financial business if the client agrees to this.