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Ukraine's Cabinet of Ministers has approved the draft amendments to the Law of Ukraine “On financial services and state regulation of financial service markets.” Experts from the State Commission, which carries out the state regulation of financial service markets, say the proposed changes are aimed to protect the rights of consumers of financial services. For this purpose, it is proposed to introduce financial penalties for violation of their rights, the Information-Analytical Bulletin of the cabinet of Ministers of Ukraine informs.
It is envisaged that in the case of failure to provide to consumers of financial services of the required, affordable, accurate and timely information about the conditions of financial services in accordance with the Law, financial companies will be penalized in the amount ranging from 100 to 1,000 tax-free minimum revenue of citizens (i.e., 1,700 to 17,000 UAH). In this case, the officials of the company that has committed such violations of consumer rights will also be penalized. They can be fined in the amount from 20 to 100 tax-free minimum revenues of citizens (i.e., 340 to 1,700 UAH).
Financial market experts say the financial service market keeps developing despite the complicated economic situation in the country, and the number of their consumers is growing.
At the same time, with the development of the financial service market, it becomes apparent that consumers' rights are protected inadequately. This is particularly evident when the companies providing such services act in bad faith and provide incomplete or incorrect information about the specific financial services. As a result, there is a growing number of complaints indicating the facts of violations of legislative requirements in the field of consumer protection.
Experts note that the problem of protecting the rights of the financial services’ consumers is particularly acute during the economic crisis. With this in mind, experts believe that the delay in the solution of urgent problems will only increase the rate of public mistrust in the market of financial services. That, in turn, will deter attraction of public funds for investment in the national economy.