Consumers of financial services: features of the legal status in the conditions of financial inclusion
Keywords:
consumer, financial service, banking service, financial inclusion, bank, consumer information.
Abstract
The urgency of the study is due to the reform of the national legislation in the context of institutional transformation of the financial services market. The purpose of the study is to develop a scientific basis for legislative changes aimed at optimizing the legal status of individuals as consumers of financial services. The methodological basis of the study consists of general scientific and special legal methods, in particular, dialectical, statistical, comparative law, formal law, methods of sociological research, analysis and synthesis. The general principles of realization of such strategic direction of development of the market of financial services as financial inclusion and its influence on formation of legal requirements to the person of the consumer of such service are investigated in the article. The particular interest are scientific positions, legislative novelties on the definition of the scope of persons who have the status of consumers of financial services. The peculiarities of the acquisition of such status by minors and young persons, as well as the second spouse or a third party in the obligation are clarified. On the basis of the conducted research the corresponding conclusions are formulated.
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References
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Law No. 2664-III. On Financial Services and State Regulation of Financial Services Markets. Ukraine, July 12, 2001. Recovered from https://zakon.rada.gov.ua/laws/show/2664-14#Text
Law No. 270/96 On Advertising. Ukraine, July 3, 1996. Recovered from https://zakon.rada.gov.ua/laws/show/270/96-вр#Text
Legifrance (1993) Consumer Code of France of 1993. https://bit.ly/3PkiqIH
Marushchak, А.V., & Latkovskyi, P.P. (2020) Financial inclusion as a direction of development of the financial sector of Ukraine. Collection of scientific papers ΛΌГOΣ Band 2, 90. https://ojs.ukrlogos.in.ua/index.php/logos/article/view/681
National Bank of Ukraine (2021) Report on the work with appeals of consumers of financial services for the third quarter of 2021. https://bank.gov.ua/ua/news/all/zvit-pro-robotu-zi-zvernennyami-spojivachiv-finansovih-poslug-za-iii-kvartal-2021-roku
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Ozili, P.K. (2021b) Financial inclusion in the United States: What We Know. Expert White Paper Series, 1. (PDF) Financial inclusion in the United States: What We Know (researchgate.net)
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Resolution No. 342/180/17-c of the Grand Chamber of the Supreme Court of 03.07.2019 (proceedings No. 14-131cc19). https://zakononline.com.ua/court-decisions/show/82998244
Resolution of the Board of the National Bank of Ukraine No. 100. Regulation on non-banking financial institutions. Ukraine, October, 5, 2021. Recovered from https://zakon.rada.gov.ua/laws/show/v0100500-21#Text
Resolution of the Board of the National Bank of Ukraine No. 114. Regulation on information provision of consumer financial institutions for consumer lending services. November 5, 2021. Recovered from https://zakon.rada.gov.ua/laws/show/v0114500-21#Text
Rudenko, L.D., Plotnikova, M.V., & Shvager, О. А. (2021) Consumers of financial services: conceptual principles of definition in the context of modernization of economic legislation of Ukraine. Legal support of market relations in the conditions of civil society: collection of scientific works: collection of scientific works. Edition 4. K.: Research Institute of Private Law and Entrepreneurship named after Academician F. Burchak of the National Academy of Legal Sciences of Ukraine, 161-162 https://hozpravoreposit.kyiv.ua/bitstream/handle/765432198.pdf?sequence=1&isAllowed=y
Stankova, І.М. (2021) Civil law regulation of consumer protection in the field of services (author’s thesis. …Ph.D. in Law). Odesa Law Academy National University, Odessa, 15. http://dspace.onua.edu.ua/handle/11300/14596
Supreme Court (2021) Analytical review state of implementation civil proceedings in the first half of 2021. https://supreme.court.gov.ua/userfiles/media/new_folder_for_uploads/supreme/
Analit_oglyad_civ_sudi_1pivr2021.pdf
Tyshchuk, N.О. (2021) Minors committing transactions on the Internet (thesis. …Ph.D. in Law). Odesa Law Academy National University. Odessa, 188. http://dspace.onua.edu.ua/handle/11300/14999?show=full
USAID (2018) Consumer lending: we build bridges between law and practice. Project of USAID «Transformation of Financial Sector», 2018. 20. http://www.fst-ua.info/wp-content/uploads/2019/02/Mystery-Shopping-Survey_2nd_wave_May2018.pdf
USAID (2020) Consumers of financial services, their rights and protection: project of USAID «Transformation of Financial Sector», August 2020. 2 p. http://www.fst-ua.info/wp-content/uploads/2020/01/consumer_protection_brochure_aug2020.pdf
USAID (2021) Consumer lending by banks: high rates, low compliance with the law / Report on the results of the study of the market of consumer banking lending (fourth wave). Project of USAID «Transformation of Financial Sector», September 2021. 27. http://www.fst-ua.info/wp-content/uploads/2021/10/Ukr-Banks-Mystery-Shopping-Report-Oct-2021.pdf
USAID (2021) Financial literacy, financial inclusion and financial well-being in Ukraine in 2021 / Report on the results of the study of the project of USAID «Transformation of Financial Sector», September 2021. 80 p. https://bank.gov.ua/admin_uploads/article/Research_Financial_Literacy_Inclusion_Welfare_2021.pdf?v=4
Yanishen, V.P. (2017) Features of realization of the rights of consumers under the contract on performance of works (provision of services). Theory and Practice of Legal Science, 2(12). 2. http://nbuv.gov.ua/UJRN/tipp_2017_2_5
Yanovytska, G.B. (2018) Civil remedies for consumer rights in Ukraine: monography. Lviv: Publisher «Rastr-7», 113. http://catalog.lounb.org.ua/bib/412330
Yegorycheva, О. (2012) Consumer as a participant in consumer relations under the laws of Ukraine. Judicial Ukraine, 7, 47-52. http://nbuv.gov.ua/UJRN/urykr_2012_7_11
Banasevych, І.І. (2018) The concept of “consumer” in civil law: doctrinal approaches. Current issues of improving the current legislation of Ukraine, 48, 170-178. http://nbuv.gov.ua/UJRN/apvchzu_2018_48_19. P. 176.
Case No. 161/7810/19. Decision No. 85651878, 11/13/2019, Lutsk City and District Court of Volyn Region https://reyestr.court.gov.ua/Review/85651878
Cherniak, О. Y. (2011) Civil status of the consumer in the context of adaptation of the legislation of Ukraine to the legislation of the European Union: author’s thesis. (Ph.D. in Law). Research Institute of Private Law and Entrepreneurship named after F. G. Burchak. Kyiv, 8, http://irbis-nbuv.gov.ua/cgi-bin/irbis_nbuv/cgiirbis_64. CNR=20
Code No. 2947-III. Family Code of Ukraine, Verkhovna Rada of Ukraine, 2002. https://zakon.rada.gov.ua/laws/show/2947-14#Text
Decision No. v007p710-13. Of the Constitutional Court of Ukraine of July 11, 2013 in case No. 1-12/2013. https://zakon.rada.gov.ua/laws/show/v007p710-13#Text
Decree No. 2021-1247. Consumer Code of September 29, 2021 https://www.legifrance.gouv.fr/codes/section_lc/LEGITEXT000006069565/
LEGISCTA000032220895/#LEGISCTA000032227360
European Union (2008) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEChttps://eur-lex.europa.eu/legal-content/EN/TXT/?uri=celex%3A32008L0048
European Union (2011) Directive 2011/83/EU of the European Parliament and of the Council of 25 October 2011 on consumer rights, amending Council Directive 93/13/EEC and Directive 1999/44/EC of the European Parliament and of the Council and repealing Council Directive 85/577/EEC and Directive 97/7/EC of the European Parliament and of the Council Text with EEA relevance OJ L 304, 22.11.2011, 64 - 88. https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=celex%3A32011L0083
Federal Ministry of Justice (n/d) German Civil Code (BGB) Recovered from https://www.gesetze-im-internet.de/bgb/
Gorblianskyi, V.Y. (2019) Costumer rights protection under a service contract. (uthor’s thesis …Ph.D in Law). Prykarpattia National University named after Vasyl Stefinyk. Ivano-Frankivsk, 14-15. https://svr.pnu.edu.ua/wp-content/uploads/sites/5/2019/06/dis_Horblianskyi.pdf
Ilchenko, G. О. (2016) Civil-legal protection of consumer rights of insurance services. (thesis. …Ph.D in Law). Research Institute of Private Law and Entrepreneurship named after F. G. Burchak. Kyiv, 201. http://irbis-nbuv.gov.ua/cgi-bin/irbis_nbuv/cgiirbis_64. CNR=20
Justice.cz (2012) Civil Code of the Czech Republic of 2012. Recovered from www.justice.cz
Koćwin, J. (2021) Ethics in the financial services market. Consumer knowledge, education and morality [Etyka na rynku usług finansowych. Wiedza, edukacja i moralność konsumenta]. Wroclaw-Lviv Law Journal, 12, 37-52. https://wuwr.pl/wlzp/article/view/13702
Kondratiuk, V. (2021) Legal status of subjects of consumer banking relations. Entrepreneurship, Economy and law, 4, 37-42. http://www.pgp-journal.kiev.ua/archive/2021/4/7.pdf
Law No. 1023-ХІІ. On Consumer Rights Protection. Ukraine, May 12, 1991. Recovered from https://zakon.rada.gov.ua/laws/show/1023-12#Text
Law No. 1201-ІХ. On Financial Leasing. Ukraine, February 4, 2021. Recovered from https://zakon.rada.gov.ua/laws/show/1201-20#Text
Law No. 1734-VIII. On consumer lending, Ukraine, November 15, 2016. Recovered from https://zakon.rada.gov.ua/laws/show/1734-19#Text
Law No. 1909-IX. On Insurance. Ukraine, November 18, 2021. Recovered from https://zakon.rada.gov.ua/laws/show/1909-20#Text
Law No. 1953-IX. On Financial Services and Financial Companies. Ukraine, December 14, 2021. Recovered from https://zakon.rada.gov.ua/laws/show/1953-20#Text
Law No. 2664-III. On Financial Services and State Regulation of Financial Services Markets. Ukraine, July 12, 2001. Recovered from https://zakon.rada.gov.ua/laws/show/2664-14#Text
Law No. 270/96 On Advertising. Ukraine, July 3, 1996. Recovered from https://zakon.rada.gov.ua/laws/show/270/96-вр#Text
Legifrance (1993) Consumer Code of France of 1993. https://bit.ly/3PkiqIH
Marushchak, А.V., & Latkovskyi, P.P. (2020) Financial inclusion as a direction of development of the financial sector of Ukraine. Collection of scientific papers ΛΌГOΣ Band 2, 90. https://ojs.ukrlogos.in.ua/index.php/logos/article/view/681
National Bank of Ukraine (2021) Report on the work with appeals of consumers of financial services for the third quarter of 2021. https://bank.gov.ua/ua/news/all/zvit-pro-robotu-zi-zvernennyami-spojivachiv-finansovih-poslug-za-iii-kvartal-2021-roku
National Bank of Ukraine (March, 2021) Strategy of the development of Financial Sector of Ukraine till 2025. https://bank.gov.ua/ua/news/all/strategiya-rozvitku-finansovogo-sektoru-ukrayini-do-2025-roku-7686
Osetynska, G.А. (2006) Civil-legal protection of consumer rights under the legislation of Ukraine. (author’s thesis …Ph.D. in Law). Taras Shevchenko Kyiv National University. Kyiv, 6. http://www.disslib.org/tsyvilno-pravovyi-zakhyst-prav-spozhyvachiv-za-zakonodavstvom-ukrayiny.html
Ozili, P.K. (2021a) Financial inclusion in Europe: what we know. Expert White Paper Series, 1 (PDF) Financial inclusion in Europe: What We Know (researchgate.net)
Ozili, P.K. (2021b) Financial inclusion in the United States: What We Know. Expert White Paper Series, 1. (PDF) Financial inclusion in the United States: What We Know (researchgate.net)
Patsuriia, N. (2014a) Economic and legal discourse on the issue of determining the consumer of insurance services. Theory and Practice of Intellectual Property, 4, 61-71. http://nbuv.gov.ua/UJRN/Tpiv_2014_4_9
Patsuriia, N., & Rieznikova, V. (2020b) Justification of the need to change the legal paradigm of protection of consumer rights of financial services. Law of Ukraine, 5, 235–257. https://pravoua.com.ua/ua/store/pravoukr/pravo_2020_5/pravo_2020_5_s15/
Resolution No. 342/180/17-c of the Grand Chamber of the Supreme Court of 03.07.2019 (proceedings No. 14-131cc19). https://zakononline.com.ua/court-decisions/show/82998244
Resolution of the Board of the National Bank of Ukraine No. 100. Regulation on non-banking financial institutions. Ukraine, October, 5, 2021. Recovered from https://zakon.rada.gov.ua/laws/show/v0100500-21#Text
Resolution of the Board of the National Bank of Ukraine No. 114. Regulation on information provision of consumer financial institutions for consumer lending services. November 5, 2021. Recovered from https://zakon.rada.gov.ua/laws/show/v0114500-21#Text
Rudenko, L.D., Plotnikova, M.V., & Shvager, О. А. (2021) Consumers of financial services: conceptual principles of definition in the context of modernization of economic legislation of Ukraine. Legal support of market relations in the conditions of civil society: collection of scientific works: collection of scientific works. Edition 4. K.: Research Institute of Private Law and Entrepreneurship named after Academician F. Burchak of the National Academy of Legal Sciences of Ukraine, 161-162 https://hozpravoreposit.kyiv.ua/bitstream/handle/765432198.pdf?sequence=1&isAllowed=y
Stankova, І.М. (2021) Civil law regulation of consumer protection in the field of services (author’s thesis. …Ph.D. in Law). Odesa Law Academy National University, Odessa, 15. http://dspace.onua.edu.ua/handle/11300/14596
Supreme Court (2021) Analytical review state of implementation civil proceedings in the first half of 2021. https://supreme.court.gov.ua/userfiles/media/new_folder_for_uploads/supreme/
Analit_oglyad_civ_sudi_1pivr2021.pdf
Tyshchuk, N.О. (2021) Minors committing transactions on the Internet (thesis. …Ph.D. in Law). Odesa Law Academy National University. Odessa, 188. http://dspace.onua.edu.ua/handle/11300/14999?show=full
USAID (2018) Consumer lending: we build bridges between law and practice. Project of USAID «Transformation of Financial Sector», 2018. 20. http://www.fst-ua.info/wp-content/uploads/2019/02/Mystery-Shopping-Survey_2nd_wave_May2018.pdf
USAID (2020) Consumers of financial services, their rights and protection: project of USAID «Transformation of Financial Sector», August 2020. 2 p. http://www.fst-ua.info/wp-content/uploads/2020/01/consumer_protection_brochure_aug2020.pdf
USAID (2021) Consumer lending by banks: high rates, low compliance with the law / Report on the results of the study of the market of consumer banking lending (fourth wave). Project of USAID «Transformation of Financial Sector», September 2021. 27. http://www.fst-ua.info/wp-content/uploads/2021/10/Ukr-Banks-Mystery-Shopping-Report-Oct-2021.pdf
USAID (2021) Financial literacy, financial inclusion and financial well-being in Ukraine in 2021 / Report on the results of the study of the project of USAID «Transformation of Financial Sector», September 2021. 80 p. https://bank.gov.ua/admin_uploads/article/Research_Financial_Literacy_Inclusion_Welfare_2021.pdf?v=4
Yanishen, V.P. (2017) Features of realization of the rights of consumers under the contract on performance of works (provision of services). Theory and Practice of Legal Science, 2(12). 2. http://nbuv.gov.ua/UJRN/tipp_2017_2_5
Yanovytska, G.B. (2018) Civil remedies for consumer rights in Ukraine: monography. Lviv: Publisher «Rastr-7», 113. http://catalog.lounb.org.ua/bib/412330
Yegorycheva, О. (2012) Consumer as a participant in consumer relations under the laws of Ukraine. Judicial Ukraine, 7, 47-52. http://nbuv.gov.ua/UJRN/urykr_2012_7_11
Published
2022-07-04
How to Cite
Lepekh, S. (2022). Consumers of financial services: features of the legal status in the conditions of financial inclusion. Amazonia Investiga, 11(53), 308-319. https://doi.org/10.34069/AI/2022.53.05.30
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