18:06 19.05.2015

Institute of financial ombudsman to be created in Ukraine

1 min read

Ukraine will create a financial ombudsman institute.

This is stipulated in the comprehensive program for financial sector development for 2015-2020, which was approved by the National Reforms Council.

To improve the standards of protecting the rights of consumers and financial market investors, this program will also raise the standards of the disclosure of information on financial services, establishes clear sanctions for market participants for violating the rights of financial services consumers, introduces a mechanism to protect the rights of minority shareholders, and increases the transparency of payments to the depositors of banks undergoing liquidation.

In general, the program foresees three stages of reform: cleaning the financial sector, laying the foundation for its development and the implementation of development measures.

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