Financial Ombudsman : Towards an Effective Customers Rights` Protection in Ukraine
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Date
2019
Authors
Khanyk-Pospolitak, Roksolana
Journal Title
Journal ISSN
Volume Title
Publisher
Abstract
This article explores the prerequisites and prospects for introducing the Financial
Ombudsman Office in Ukraine as an institute for alternative (extrajudicial) resolution of
disputes between consumers and financial service providers. Particular attention is paid to
the analysis of the draft law on the establishment of the Financial Ombudsman in Ukraine.
Considering the existing mechanisms of alternative dispute resolution in Ukraine and the
possibility of their application to the issues of financial services consumers’ rights protection,
the historical retrospective of the establishment of the Financial Ombudsman institute
in Ukraine is considered. The author analyses the legal, institutional and theoretical
prerequisites for the implementation of one of the Financial Ombudsman models operating
in other countries. The focus is on the analysis of the compliance of the draft law on the
establishment and operation of the institute with the principles set out in Directive 2013/11
on consumer ADR. At the same time, it is stated why one or another structure of the
legal regulation of the establishment and activity of the Financial Ombudsman Office in
Ukraine was chosen. The author, as one of the experts involved in the drafting of the law,
concludes that, despite the compliance of the draft law with the European principles of
the ABC, there is, unfortunately, no prospect of its adoption as a legal basis for setting up
a Financial Ombudsman Office in Ukraine at the moment and in the coming year, and
analyses the causes.
Description
Keywords
ADR, extrajudicial dispute resolution, Financial Ombudsman, consumer protection, article
Citation
Khanyk-Pospolitak R. Financial Ombudsman : Towards an Effective Customers Rights` Protection in Ukraine / Roksolana Khanyk-Pospolitak // Access to Justice in Eastern Europe. - 2019. - Issue 3. - P. 51-63.