ФУНКЦІОНУВАННЯ НЕБАНКІВСЬКИХ ФІНАНСОВИХ УСТАНОВ В УМОВАХ СУЧАСНИХ ВИКЛИКІВ

Abstract

The stability and development of the country's financial sector is determined by the presence of a well-developed network of non-bank financial institutions. The latter include financial and insurance companies. The purpose of the article is to assess the activities of non-bank financial institutions, identify the advantages and disadvantages of their activities and develop proposals for improving their performance in the context of current challenges. The article analyses the current challenges facing the financial intermediary market, which require an immediate response. It presents the dynamics of the financial sector in Ukraine and analyses its changes since the beginning of the Russian aggression. It is found that the war has created additional risks for non-bank financial institutions, such as the risk of client insolvency, the risk of changes in legislation and regulation, the risk of falling asset prices, rising inflation and exchange rate depreciation. This may lead to increased losses and reduced financial stability of non-bank financial institutions, negatively affecting their liquidity and solvency. Proposals are made to improve the activities of non-bank financial institutions in the face of current challenges, in particular: the market of non-bank financial institutions should adhere to high standards of corporate governance and transparency, which will have a positive impact on the level of confidence in the market and give it an additional impetus for development; adhere to the Strategy for the Development of the Financial Sector of Ukraine until 2025, as the current military-political situation has made adjustments that need to be taken into account; the system of regulation and supervision of the non-bank sector should be improved. In market segments where there are no EU standards, national standards based on international experience will be introduced. It is noted that non-bank financial institutions should continue to actively develop their activities, improve and develop new products and services of interest to consumers. Non-bank financial institutions play a particularly important role for large companies which, due to the nature of their activities, have business contacts with many counterparties with which it is technically impossible to settle without the assistance of financial intermediaries.