Rada adopts law on protection of financial services consumers' rights
The Verkhovna Rada of Ukraine at second reading and as a whole adopted a law on amending certain legislative acts of Ukraine regarding the protection of rights of financial services consumers.
The document provides for authorizing financial market regulators, including the National Bank of Ukraine, the National Commission on Securities and the Stock Market and the National Commission for the State Regulation of the Financial Services Market, to apply measures of influence to financial institutions and impose administrative penalties for violation of consumers' rights.
According to a correspondent of the Interfax-Ukraine agency, the bill was supported by 309 MPs with the quorum being 226 votes.
According to the adopted bill, the Code on Administrative Offenses includes norms defining violations of the rights of financial services consumers as part of an administrative offense.
For all financial institutions, lenders, a single format for calculating the total cost of the loan and a single formula for calculating the real annual interest rate are established, and the results of such calculations should be indicated in the consumer loan agreement.
The same rules are introduced for banks and non-banking financial institutions in the field of advertising financial services and the provision of information about them, and the same liability for violation of consumers' rights is established.