PROTECTION OF CONSUMERS OF FINANCIAL SERVICES

Problem setting. The article is devoted to specific aspects of consumer protection in financial services. Analysis of recent researches and publications. While arguing the main conclusions of the paper, the author based on the works of such scholars as Krotyuk V., Kutsenko A., Mishchenko V., Neznamova A., Fogelson Y.B., Getmanets A.P., Shumilo A.M., Kolesnik T.V. and others. Target of research. The main purpose of the paper is to analyze different remedies that can be used in order to protect the rights of consumers in the realm of providing financial services. Amongst those remedies there are state monitoring of the activities in banking system and insurance. Also the author pays attention to the legal status of Deposit Guarantee Fund. Article’s main body. Conclusions and prospects for the development. The author concludes that the problem of economic security in business is largely dependent on the activities of participants in the various sectors of the financial markets and, therefore, on the legal regulation of their operation, including the protection of the rights and interests of consumers of financial services. Only effective legal regulation of the financial markets will allow to compensate for the risks in the financial and credit services not only to business entities, but also to neutralize the imbalances that arise in these markets with the participation of individuals - consumers of financial services, i.e. to solve the problem of the safety of consumers of financial markets in general. Deposit Guarantee Fund ensures the functioning of deposit guarantee system. It is involved in preventing bank failures and exercise the powers of a banks liquidator. The Fund is created in the form of public institution with no intention of making profit from its activities. The Funds function is a part of states powers concearning banking regulation, which means that the Fund plays the role of state authority in the field of financial policy.