Protection of the rights of consumers of financial services in conditions of martial law

Abstract

Oleksandr Anatoliiovych MATSAK The article discusses in detail the mechanism for ensuring the protection of the rights of consumers of financial services. The importance of prudential regulation is pointed out, the purpose of which is to preserve the strong financial position and capacity of financial institutions and the system. The aggression of the Russian Federation in 2022 caused great damage, therefore the importance of Ukraine's cooperation with the European Union, other states and international banks to ensure the protection of the rights of Ukrainians is indicated. The importance of a quick response of the state to the realities of today through the adoption of emergency legal acts is emphasized. The National Bank of Ukraine liquidated a number of systemically important banks that were under the leadership of the Russian Federation, which led to certain difficulties, which were discussed in detail in the article. Many ways of protecting and supporting consumers of financial services were noted, including: cancellation of fees for international transfers, introduction of the "cash at the counter" service, and support of the International Financial Fund. Next, the mechanism of implementation of the policy on the protection of the rights of consumers of financial services was considered. The protection of the rights of consumers of financial services, who are military personnel, is analyzed in detail. It is indicated that consideration of cases regarding the protection of the rights of consumers of financial services, where one of the parties is a serviceman, is subject to suspension until the end of martial law. It is also noted on the prohibition of forced demand for repayment of overdue debt for servicemen and their family members. The process of liquidation of systemically important banks and the impact on consumers of these banks' services is analyzed. It was noted that the state guarantees the return of funds to depositors, but not all funds can be returned, which sometimes causes indignation. The conclusion emphasizes that in the conditions of martial law, legislation on the protection of the rights of consumers of financial services quickly adapts to new realities and copes with its own tasks.