Recent legislative changes are aimed at making the activities of banks more transparent and understandable, since all financial institutions will be required to give full information about the services they provide, it will protect consumers from unnecessary services imposed by banks, hidden interest rates and additional service fees.
The article includes the opinion of Nataliya Drozdova, Counsel on Financial Law of Salkom Law Firm, LLC stated that the problem of insufficient information that should have been provided to the consumer of financial services before and during the conclusion of a contract with him/her was not fully resolved. Therefore, consumers could not fully understand the terms of the contracts and were deprived of the opportunity to independently, properly and objectively evaluate their financial capabilities and determine their financial risks in the long term.
How did the legislator resolve this issue and protected consumers of financial services? The answer can be found in the article “Banks vs Clients: Law to Protect the Consumers of Financial Services” of the electronic publication JURIST & LAW № 2 of January 2020.
The full text of the article is available in Ukrainian and Russian here.