PROTECTING THE RIGHTS AND INTERESTS OF CONSUMERS OF NON-BANKING FINANCIAL SERVICES: IS AN ALTERNATIVE COURT POSSIBLE?
Summary: 1. Introduction. – 2. The Financial Ombudsman: Essence and Significance in Resolving Disputes. – 3. Conclusions.
Abstract
This article considers the existing methods of protecting the rights and legitimate interests of consumers of non-banking financial services. Based on the current EU legislation, it is proposed to create the institution of a financial ombudsman as one of the possible alternative ways to protect the rights and interests of the relevant entities. It is emphasised that the financial ombudsman should be at the level of a state body in order to ensure the reliable protection of investors and consumers of financial services and faster response and resolution of problematic situations in disputes of individuals by public authorities.
The authors used the following special legal methods: conceptual-legal, comparative-legal, formal-legal, and others. For example, the comparative-legal method helped the authors compare the existing approaches to consolidation at the regulatory level of ways to protect the rights of consumers of non-banking financial services.
Based on the analysis of existing mechanisms for protecting the rights and legitimate interests of consumers of non-banking financial services and taking into account the experience of the countries of the EU, this article emphasises the relevance and expediency of implementing this suggestion in Ukraine, along with the judicial remedy of subjects of non-banking financial services markets and alternative remedies. In particular, attention is focused on the advantages of the financial ombudsman institution.
About Authors
Hanna Shovkoplias
Cand. of Science of Law (Equiv. Ph.D.), Associate Professor at the Department of Business Law, Yaroslav Mudryi National Law University, Kharkiv, Ukraine anyashovkoplyas1@gmail.comhttp://orcid.org/0000-0003-0313-8606
Corresponding author, responsible for conceptualization, data curation, methodology and writing. The corresponding author is responsible for ensuring that the descriptions and the manuscript are accurate and agreed by all authors. Competing interests: The author declares that no competing interests exist. Disclaimer: The author declares that her opinion and views expressed in this manuscript are free of any impact of any organizations.
Olga Dmytryk
Dr. Sc. (Law), Professor, Head of the Department of Financial Law, Yaroslav Mudryi National Law University, Head of the Department of enforceability of National innovative system functioning of Institute of Providing Legal Framework for the Innovative Development of NALS of Ukraine, Kharkiv, Ukraine o.o.dmytryk@nlu.edu.ua http://orcid.org/0000-0001-5469-3867
Co-author, responsible for data collection and writing. Competing interests: The author declares that no competing interests exist. Disclaimer: The author declares that her opinion and views expressed in this manuscript are free of any impact of any organizations.
Tamara Mazur
Dr. Sc. (Law), Associate Professor, Professor of the Department of Public Management and Administration, National Academy of Internal Affairs, Kyiv, Ukraine Mazur.tamara@gmail.com http://orcid.org/0000-0001-6220-5827
Co-author, responsible for data collection and writing. Competing interests: The author declares that no competing interests exist.
Disclaimer: The author declares that her opinion and views expressed in this manuscript are free of any impact of any organizations.
The content of this article was translated with the participation of third parties under the authors’ supervision.
Managing editor – Dr. Serhii Kravtsov. English Editor – Dr. Sarah White.
Copyright: © 2022 Shovkoplias H, Dmytryk O, Mazur T. This is an open access article distributed under the terms of the Creative Commons Attribution License, (CC BY 4.0), which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.
References
Bacho RJ, Markets of non-banking financial services: development regulation (institutional and analytical aspects) (RIK-U LLC Publishing House 2016) 448.
Bezzub I, ‘What financial ombudsman does Ukraine need: European experience’ (2018) 8 (152) Public Opinion on Lawmaking 15-22.
Khanyk-Pospolitak R, ‘Financial Ombudsman: Towards an Effective Customers Rights’ Protection in Ukraine’ (2019) 3 (2) Access to Justice in Eastern Europe 51-63.
Tkachenko NV, ‘Organization of the ombudsman in ensuring the financial stability of the insurance market’ (2009) 1 (20) Economy and Region 195-199.
Zhukovskaya G, Oleynyuk R, ‘Banking ombudsman: the need for today’ (2005) 8 (114) Bulletin of the National Bank of Ukraine 32-33.
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Keywords
- financial services, state regulation of financial services, remedies of consumers of financial services, judicial protection, financial ombudsman
How to cite it?
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Shovkoplias H, Dmytryk O, Mazur T, ‘Protecting the Rights and Interests of Consumers of Non-banking Financial Services: is an Alternative Court Possible?’ 2022 3(15) Access to Justice in Eastern Europe 239-248. DOI: https://doi.org/10.33327/AJEE-18-5.2-n000328
