ISSUES OF PROTECTING CITIZENS' RIGHTS IN THE FIELD OF FINANCIAL SERVICES

Abstract

Today, in the Russian Federation, situations of violating the rights and interests of consumers of financial services are quite often allowed, which negatively affects the economic situation of citizens and undermines confidence in the banking system of the state. The purpose of the study is to analyze the judicial practice and to develop recommendations for consumers of savings services and services on providing borrowed (credit) funds, compliance with which will significantly reduce the risks arising from concluding and executing bank deposit and loan agreements. Materials and methods. The materials of the reports made for the International Confederation of Consumer Societies on the state of protecting the rights and interests of consumers of the savings services market in Russia were used. General and specific methods were used as research methods, including system-legal, logical, structural-functional ones and others. Study results. Based on the analysis of modern legislation, law enforcement and judicial practice of the Russian Federation, the authors have identified the most typical violations of consumer rights in the market of savings services and services for providing borrowed (credit) funds. Of particular interest are cases related to toughening the requirements for personal identification and security of banking operations in the context of digitalization of the economy, which cannot but affect traditional procedures for processing and withdrawing funds under a bank deposit agreement. The article analyses the most common situations of violating the rights and legitimate interests of consumers of savings services and services for providing borrowed (credit) funds in Russia during execution of bank deposit agreements and loan agreements. The issues that require regulation in order to avoid violation of the rights and interests of the parties to the above-mentioned agreements have been studied. Recommendations are also proposed to reduce risks when implementing protection of savings services consumers, which was the ultimate goal of the study. Conclusions. Realization of the citizens' constitutional right to judicial protection of banking services, on the one hand, reveals acute and obvious problems in this area, on the other hand, contributes to optimization of banking and civil legislation. In the context of financial services digitalization, the interests of citizens are not sufficiently protected. However, solution to the problem should be comprehensive, since cases of cybercrime are often associated with mobile communications; therefore, they depend on the effectiveness of control and supervision in this area. It is important to provide the consumer with preliminary structured information that enables him to realistically assess the risks and, on this basis, make a well-founded decision about opening or managing an account.