Affiliation:
1. University of Gdansk , Poland
2. Masaryk University , Czech Republic
Abstract
Abstract
The financial market plays a crucial role in economic growth, but it also poses risks to consumers, who may not have the expertise to navigate its complexities. This article examines the importance of consumer protection in the financial market and the legal background for regulation, including the stable and effective institutional set-up of consumer protection in Poland and the Czech Republic. It also discusses various initiatives that have been implemented to safeguard consumers in the financial market, such as regulations and policies designed to prevent deceptive practices and fraudulent behaviour. Finally, the article highlights the challenges facing consumer protection in the financial market regarding the institutions dealing with it, including the need for more effective enforcement mechanisms.
Reference22 articles.
1. Act No. 229/2002 Coll. of 9 May 2002, on the Financial Arbitrator.
2. Act No. 257/2016 Coll. of 14 July 2016, on Consumer Credit.
3. Act on Consideration of Complaints by Financial Market Entities and on the Financial Ombudsman of 5 August 2015(Journal of Laws of 2022, item 187).
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5. Charter of Fundamental Rights of the European Union (O. J. UE C 326/391, 26.10.2012).