ORDER OF THE CABINET OF MINISTERS OF UKRAINE

of September 3, 2009 No. 1026-r

About approval of the Concept of consumer protection of non-bank financial services in Ukraine

1. Approve the Concept of consumer protection of non-bank financial services in Ukraine which is applied.

2. State commission on regulation of the markets of financial services together with State commission in securities and the stock market, the State Committee of Ukraine on Regulatory Policy and Entrepreneurship, Gospotrebstandart, the Ministry of Finance, Ministry of Economics and Ministry of Justice to prepare and to submit in accordance with the established procedure to the Cabinet of Ministers of Ukraine the actions plan on implementation of the Concept approved by this order in a month.

Approved by the order of the Cabinet of Ministers of Ukraine of September 3, 2009 No. 1026-r

The concept of consumer protection of non-bank financial services in Ukraine

Problem which needs the decision

Development and expansion of range of non-bank financial services create conditions for active attraction to the markets such services of consumers which usually have no sufficient information and necessary knowledge of features and consumer characteristics of financial services. In service selection process they can not always estimate the level of risks and possible effects of finding of additional financial liabilities and compare terms of their provision which are offered by non-bank financial institutions.

In recent years growth of number of consumers of non-bank financial services (further - consumers) and organizations which provide such services is observed. So, for the period 2004-2008 the number of non-bank financial institutions in the State register of financial institutions grew by one and a half times, at the same time the number of finance companies and non-state pension фондовв 4 times.

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