Financial Arbitration as Promising Direction of Improving the State Regulation of Financial Services Markets in Ukraine (on Materials of the Financial Arbitration Board of Hungary)
Journal Title: Бізнес Інформ - Year 2015, Vol 3, Issue 0
Abstract
The article discloses the principle of function of the Financial Arbitration Board of Hungary, which is established in 2011. While displaying the specifics of admission and processing complaints from the consumer of financial services, attention has been focused on the correctness requirements of the law regarding the submission of claims of consumer rights infringement. It is specified that the Financial Arbitration Board does not protect the particular rights of consumers, and is an instrument for protection of infringed rights as such. Statistical analysis of activities of the Board during the studied period allows to conclude about its efficient assistance in the settlement of disputes between the parties, as evidenced by the growing share of the cases, which have resulted in concluding settlement agreements by the parties. Adoption of the Hungarian experience of financial arbitration in the current realities of Ukraine will contribute to integration of the State in the European economic area through the implementation of the European Commission Recommendations 98/257/EU. The conclusions, which the article makes on the need for implementation of this mechanism for the settlement of disputes between consumers and financial institutions, will enhance confidence in the financial market and provide an additional mechanism for protection of the legitimate rights of consumers of these services.
Authors and Affiliations
Robert Bacho
Keywords
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