State Policy of Consumer Protection in the Digital Financial Services Market in Ukraine

• Authors: Sophia Lobozynska , Iryna Skomorovych , Ulyana Vladychyn
• Languages of publication: EN

Abstracts

EN

The rapid development of digital financial technologies in Ukraine leads to the emergence of new risks and to significant consumers’ losses in the financial market. The aim of the study is to develop strategic directions of state policy of consumer protection in the digital financial services market considering the best world practices and features of the financial system of Ukraine.System scientific analysis was used to study the possibilities of implementing international quality standards for digital financial services in Ukrainian legislation. The method of statistical analysis of data was used to form the imperial basis of the study.Based on the global experience and taking into account the peculiarities of Ukrainian fintech market the state policy should consist of three strategic directions: 1) create a system of legal regulation of the mechanism of protection of consumers’ rights of digital financial services; 2)introducing a risk-oriented approach to regulating the digital financial services delivery processto consumers; 3) strengthening of digital financial literacy and public awareness. Such state policy will form a reliable system of consumer protection in the digital services market in Ukraine.

Keywords

EN

financial consumer protection; digital financial services and products; public policy for consumer protection of digital financial services

• Publisher: Uniwersytet Łódzki. Wydawnictwo Uniwersytetu Łódzkiego
• Journal: Finanse i Prawo Finansowe
• Year: 2020
• Volume: 2
• Issue: 26
• Pages: 51-62

Dates

published

2021-02-06

Contributors

author

Sophia Lobozynska

• Ivan Franko L’viv National University, The Faculty of Economics

• https://orcid.org/0000-0001-5483-6864

author

Iryna Skomorovych

• Ivan Franko L’viv National University, The Faculty of Economics

• https://orcid.org/0000-0002-8574-6770

author

Ulyana Vladychyn

• Ivan Franko L’viv National University, The Faculty of Economics

• https://orcid.org/0000-0002-6916-6688

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Identifiers

DOI

10.18778/2391-6478.2.26.04