The Parliament Passes a Draft Law to Protect the Rights of Financial Services Consumers

The Ministry of Finance welcomes the adoption by the Verkhovna Rada of Ukraine of the draft Law "On Amendments to Certain Legislative Acts of Ukraine on the Protection of the Rights of Financial Services Consumers" in the second reading and as a whole. 

The draft law addresses the most pressing issues in the relationship between clients and financial institutions and eliminates loopholes and inconsistencies in the regulatory framework for consumer protection.

The draft document provides for the following:

• Establishment of powers of the state bodies to protect the rights of consumers of financial services and to define principles of consumer rights protection;
• Providing market regulators with a clear list of powers to protect the rights of consumers of financial services;
• Introduction of responsibility of financial institutions for violating the rights of financial services consumers;
• Uniform rules for banks and non-banking institutions in the field of advertising and providing financial services;
• A common approach for all creditors to determine the calculation of the total cost of the loan for the consumer and the real interest rate.

Adoption of the Law will strengthen the confidence of consumers of financial services in the financial sector, create mechanisms for protecting their rights and interests, will provide better information to Ukrainians about the financial services they are offered and provided.