Milsted Langdon’s Roger Isaacs was recently invited to attend the London launch of the Financial Services Expedited Arbitration Procedure.
The Financial Sector Branch (FSB) of the Arbitration Club was established in 2008 and in line with other branches, it was founded on the principle of ‘Excellence through Sharing’. The FSB seeks to bring together people that are active or experienced in the field of arbitration and other forms of dispute resolution in order to share collective knowledge and best practice.
The use of arbitration to resolve disputes in the financial services sector is not common but it has been suggested that one of the reasons for this is that conventional arbitral processes and institutional rules are not conducive to the certainty and expedition that business users require. To address this perceived shortcoming, the FSB established a working party to suggest procedures that could help accelerate the arbitral process and in doing so also help to contain costs.
The working party included:
- Sir Peter Cresswell, a former Commercial Court judge now practising as an arbitrator
- Dr Stuart Dutson, a partner at a London-based solicitors
- Craig Kersey, secretary of the FSB and a former banker
The outcome is the Financial Services Expedited Arbitration Procedure which is designed to supplement the standard arbitration rules of arbitral institutions both in the UK and around the world.
In establishing the Financial Services Expedited Arbitration Procedure, the working party consulted with various arbitral institutions such as:
- International Centre for Dispute Resolution (ICDR)
- Hong Kong International Arbitration Centre (HKIAC)
- London Court of International Arbitration (LCIA)
- PRIME Finance Foundation
- Swiss Chambers’ Arbitration Institution
Roger Isaacs commented: “The benefit of the newly launched Financial Services Expedited Arbitration Procedure is that it should encourage financial institutions to use arbitration. It also shows the FSB’s dedication to resolve financial disputes as efficiently as possible.”
The Financial Services Expedited Arbitration Procedure is freely available for use by parties contemplating the use of arbitration. It is available for download at: arbitrationclub.org.uk/financial-sector/eplaunch.