Financial ombudsman’s activity in Ukraine by experience of Western Europe

Abstract

The article 'Financial ombudsman’s activity in Ukraine by experience of Western Europe' deals with the problems of consumer protection of financial services. The activity of financial ombudsman as the most independent body for resolving disputes between customers and financial institutions was emphasized in the article. The active experience of such kind of the Institute in Western Europe was analyzed in the given research. In general, this analysis shows the need for a creation the authorized institute to protect the rights of consumers of financial services. It is important to note that for Ukraine German non-state system is perceptible. It is less bureaucratic, less expensive and more convenient for the banks, their clients and for legal system, especially for resolving disputes concerning small amounts which are of great number in Ukraine. Furthermore introduction of Financial Ombudsman Institute is a significant step towards European standards of the banking system and financial civilized market in Ukraine.