Pivotal Significance of Alternative Dispute Resolution Within the Realm of Financial Institutions

Abstract

Alternative Dispute Resolution (ADR) is vital in resolving financial disputes. This research provides comparative analysis of ADR laws, regulations, and case law from the US, UK and India. It underscores ADR's importance in the financial industry, citing benefits like efficiency, cost-effectiveness, confidentiality, relationship preservation, and improved outcomes for institutions. The study reveals that ADR is a valuable global mechanism for resolving financial disputes, with each jurisdiction having unique frameworks and practices. Understanding these legal landscapes and utilizing ADR can aid institutions in navigating complex disputes and promoting effective conflict resolution. The paper primarily focuses on understanding guidelines, reports, and the evolving use of ADR by financial institutions. It also examines if financial disputes differ from other commercial disputes. Overall, the research highlights the significance of dispute resolution in financial institutions and the role of ADR as an alternative approach.