10:53 12.06.2019

NBU gets tired of waiting for special law, creates division to protect financial service consumers

2 min read
NBU gets tired of waiting for special law, creates division to protect financial service consumers

The National Bank of Ukraine (NBU) believes that its primary task is to strengthen protection of financial service consumers and due to the delay in the adoption of the law on protection of financial services the central bank has created a division for this, NBU Governor Yakiv Smolii said at the opening of the Financial Inclusion Forum held in Kyiv on Wednesday.

"The National Bank takes responsibility for protecting the rights of consumers of financial services and creates a special division that will deal with these issues," he said.

Smolii said that the National Bank really hoped that Ukraine would have a real protection system, enshrined in the legislation, but the parliament decided otherwise.

"However, this is not a reason to leave people alone with their problems with banks and non-bank financial institutions," the governor of the central bank said.

According to him, first of all, it will allow settling the system of disclosing information on financial products and services.

Smolii also said that the central bank has developed a financial literacy strategy.

"The National Bank took the lead and developed a vision for a future strategy for financial literacy... Our goal is to prepare young people to live in a real world full of challenges and rapid changes," he said.

According to a press release from the NBU posted on its website, with reference to NBU Deputy Governor Roman Borisenko, the NBU sets new standards for protecting consumer rights of financial services in order to increase confidence and increase financial inclusion. "We are starting to introduce a new regulation. Three main steps to implement it: we are developing a new regulation for customer – financial service provider relations; we are creating a separate division in the NBU that will deal with citizens' calls, and also we are launching a call center and a single reception center so that citizens could quickly get answers to their questions," he said.

 

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