President signs law on protecting financial services’ consumers

Ukrainian President Volodymyr Zelensky has signed the law on protecting the rights of financial services’ consumers, according to the parliament’s official website.
The law is aimed at creating an appropriate system for protecting the rights of consumers of financial services, eliminating shortcomings and inconsistencies in the current system of regulatory support for the protection of consumer rights, including in the Law of Ukraine "On consumer lending."

The document proposes that authorized bodies be empowered to apply pressure measures on financial institutions and other business entities that provide financial services, and impose administrative penalties on their officials. The same rules are also introduced for banks and non-banking institutions in the field of advertising financial services and providing information about them.

In addition, the bill proposes that the concept of total costs of a consumer loan be expanded by including in it all the costs of the consumer, including additional and related services of third parties.

As Ukrinform reported, the Verkhovna Rada on September 20 approved the law on protecting the rights of financial services’ consumers (No.1085-1).