Guarantees for protecting the rights of consumers of banking services in the EU countries
The article analyzes the main types of guarantees for the protection of the rights of consumers of banking services established by the law of the European Union. The general characteristics of guarantees for protecting the rights of bank customers are given, and the main changes associated with overcoming the consequences of the crisis of the EU banking system in 2008-2009 are indicated.
Specialists of Businessjuice.Ru, specializing in the analysis of existing business processes in the market for various types of goods and offers, as well as the organization of trainings and HR services for businesses, will tell in this publication about the main issues of protecting the guarantees of the rights of consumers of banking services. You can order trainings for your company’s personnel in the context of this and other topics using the contacts offered on the company’s website.
The crisis of the banking sector of the European Union in 2008-2009 in line with global processes has shown the need to form a new system for monitoring the activities of banks and protecting the rights of their customers, primarily at the EU level. The legal regulation of banking is aimed at creating the prerequisites for the stable functioning of the banking system and the quality of banking services. Article 38 of the Charter of Fundamental Rights of the European Union stipulates that policies of the European Union should include an increased level of consumer protection. Given this, one of the primary tasks of regulating the EU banking sector is to establish a legal mechanism that would ensure adequate protection of the interests of the bank’s customers.
The problems of legal regulation of banking supervision in the EU countries and the procedure for the provision of certain types of banking services were studied by scientists from the perspective of analyzing the powers of supervisory authorities and regulating the actions of banking institutions in the provision of services. Unfortunately, the issues of protecting the rights of consumers of banking services were not properly disclosed in the works of domestic and foreign lawyers. However, after the financial crisis, researchers are paying increased attention to the issue of protecting the rights of consumers of financial services.
The aim of this work is to highlight the main types of state guarantees for protecting the rights of consumers of banking services and establishing their common features based on an analysis of the norms of banking legislation of the European Union.
Statement of the main material. Today, most banks are universal financial institutions, but the main focus is on protecting the rights and legitimate interests of consumers of common types of services: credit, deposit and settlement. European Union law has formed a system of state guarantees for the protection of the rights of consumers of banking services, the legal norms on the elements of which are implemented in the national legislation of member states. We propose to distinguish two groups of guarantees for protecting the rights of consumers of banking services: general and special.
General guarantees for the protection of the rights of customers of banking institutions within the EU:
Implementation by national authorities of member states of the authority to exercise banking supervision and ensure the stability of the banking system;
Creation and activities of a specialized body to coordinate the activities of supervisory authorities at the EU level;
Methodological support for monitoring the activities of banks;
Establishment of the obligation of banks to maintain bank secrecy.
Special state guarantees of consumer protection of certain types of banking services include the following:
Maintaining deposit guarantee schemes in accordance with national law;
Obligations of banks before entering into a consumer credit transaction to provide the borrower with sufficient information about the material terms of the transaction;
The obligation of the bank to accept early execution by the consumer of the loan agreement or termination from participation in it under certain conditions;
The obligation of the bank to provide basic information on payments made and monthly information on the account to the consumer free of charge;
A recommendation to banks not to use non-transparent charging methods, openness of information about real costs and fees for the provision of services;
Anticipation of the client’s ability in case of timely informing about the case of an unauthorized or incorrectly executed payment transaction to assert its rights for the period determined by national legislation.
The legal regulation of banking activities and banking supervision measures, in our opinion, should be considered as general state guarantees for protecting the rights of consumers of banking services, since such actions of authorized state bodies are aimed at ensuring the stability of the banking system and monitoring the functioning of its individual elements. General rules for the supervision of banking institutions are defined.