Banking & Fintech

The Polish Financial Supervision Authority (PFSA or KNF) encourages financial market participants to mediate through the Mediation Center of the Arbitration Court at the KNF

The PFSA describes mediation as an attempt to resolve the dispute through a neutral mediator. The mediator’s task is to support communication between the parties, ease tensions and foster a settlement between them. Mediation is voluntary and one can opt out of it at any stage. The process itself is secret and the participants are obliged to keep everything that was disclosed to them during the mediation confidential.

The mediator can help the parties to formulate their expectations. Mediations are conducted on the basis of a mediation agreement or a court order. In the absence of such an agreement mediation may be applied for. After paying for the application, the Secretary of the Arbitration Court at the PFSA presents a proposal to the other party to the dispute, and then informs the applicant about its decision. Then the case is referred to a mediator who agrees with the parties on how to conduct the talks. In the event of an agreement, a settlement is concluded. After concluding a settlement, the parties may also file an application to a common court for approval of a settlement concluded before an arbitration court.

Moreover, the rules of the arbitration court have been adapted to the limitations resulting from the coronavirus pandemic, and the profile of recruited mediators is adapted on an ongoing basis to the needs of market participants (currently the PFSA emphasizes mediation in „Swiss franc” cases. Importantly, the parties do not bear the cost of the mediator’s remuneration and formalities are minimized.

Mediation is a useful tool, also from the perspective of payment service providers. It allows them to optimize the costs of conducting disputes and avoid a confrontational approach to other market participants to the advantage of their reputation.

Author team leader DKP Legal Piotr Glapiński
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