IMPLEMENTATION OF THE PROTECTION’S MECHANISM OF THE CONSUMER’S RIGHTS OF FINANCIAL SERVICES IN THE INTEGRATION OF UKRAINE INTO THE EUROPEAN UNION

Abstract

Integration of Ukraine into the European Union involves the harmonization of legislation and practices in the field of financial services according to European standards and norms. The national financial system and the market of financial services require an effective solution to special aspects of their functioning, among which to receive quality products and services, which is a mandatory, is separately highlighted. It has been established that the gradual integration of Ukraine into the EU introduces additional standards and requirements that contribute to the improvement of the consumer rights protection system, which will not only ensure safety for citizens, but also create a favorable climate for investments and development of the financial sector as a whole. It was determined that in modern conditions in Ukraine such a model of provision of services by banks and non-bank financial institutions has been formed, in which violations of consumer rights are quite often observed, namely: violations of charging of payments for the service; concealment of important information by a financial institution, etc. The mechanism would be able to make financial services more attractive and motivate citizens to use them more widely, has been proven. The main key aspects include harmonization of legislation; financial education; protection against deceptive practices; protection of personal data; consumer rights when canceling contracts; cooperation with international organizations, etc. The following are recognized as the main factors in the context of Ukraine's integration into the European Union: creation of a competitive financial market; increasing the trust of consumers of financial services; effective protection against financial fraud; promotion of financial literacy; compliance with EU standards and regulations. The dominant features of this mechanism have gained further development, including: information transparency; rights of consumers of financial services; dispute resolution mechanisms; supervision and regulation; education and information campaign.