CONCEPTUAL PROVISIONS ON THE DEVELOPMENT AND IMPLEMENTATION OF THE MECHANISM OF THE INSTITUTE OF TRUST FORMATION IN THE FINANCIAL SERVICES MARKET

Abstract

Urgency of the research. In order to develop the financial services market, reform in this area needs to be implemented and measures should be taken to increase the level of trust among the key players in such a market. Target setting. The realities of Ukrainian system of state regulation of the financial intermediaries’ activity testify that the introduction of new ideas, concepts or provisions in this area requires the construction of an effective mechanism for their implementation. It should be clearly defined in the theoretical and methodological plane with the justification of its constituents. Actual scientific research and issues analysis. The works in the field of functioning of the financial services market should include the papers of such scientists: Bobrov Ye. A., Bondarenko Ye. P., Vyshyvana B. M., Voytenko O. M., Kovalenko Yu. M., Rekunenko І. І., Smagin V. L., Unets-Khodakivska V. P., Yuriya S. I., Yashchuk V. V., Asmundson I., Herring R., Stijn C., Wyman О. Uninvestigated parts of general matters defining. Despite the developments in this area, the theoretical and methodological principles of justification of the mechanism of forming confidence in the financial services market are not developed. The research objective. The purpose of the work is to develop the provisions for the creation and implementation of a mechanism for the establishment of a trust institution in the financial services market. The statement of basic materials. The importance of developing and implementing a mechanism of trust building in the financial services market for the further development of such a market is determined. The main elements of such a mechanism, the relationship between them are described and their essence and role in the process of building such a market are determined. Within the mechanism, its purpose, principles, functions, security units, methods and tools are identified. It is indicated that the mechanism should act in order to obtain concrete results, the types of which are defined. Conclusions. The article substantiates the principles of developing and implementing the mechanism of formation of the trust institution in the financial services market.