PROTECTING THE RIGHTS AND INTERESTS OF CONSUMERS OF NON-BANKING FINANCIAL SERVICES: IS AN ALTERNATIVE COURT POSSIBLE?

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.

Keywords

• financial services
• state regulation of financial services
• remedies of consumers of financial services
• judicial protection