Non-bank Financial Services Research Articles

Purpose and principles of state regulation of non-bank financial services markets

The need for stable development and effective use of non-banking financial services market tools, as well as the imperfection of the current legislation in this area characterize the unconditional relevance of the topic of this article. The purpose of the article is to determine the purpose of state regulation of non-bank financial services markets, to define the concept of the principles of state regulation of professional financial activity, and to highlight and analyze the main principles of such regulation. It is noted that one of the main elements of state regulation of non-bank financial services markets is the purpose of such regulation. In view of the analyzed scientific positions and legislative provisions, it is concluded that the main goal of state regulation of non-banking financial services markets is: 1) ensuring transparency, reliability and openness in the markets of non-banking financial services; 2) coordination of activities of state authorities on the functioning of non-bank financial services markets; 3) protection of rights, legitimate interests and satisfaction of socio-economic needs of consumers of non-banking financial services; 4) prevention of abuses and violations in the markets of non-banking financial services. It is proposed to define the principles of state regulation of professional financial activity as the main ideas, basic principles, and general provisions of the implementation by the Regulators of a set of measures to regulate, control and supervise the activities of non-banking organizations and other participants in the markets of non-banking financial services in order to create favorable conditions for their functioning. , preventing and countering abuses and violations in the markets of non-banking financial services and ensuring the protection of the legitimate interests of clients. The main principles of state regulation of professional financial activity are highlighted: the principle of legality; principle of commensurability (proportionality); the principle of guaranteeing the rights and legitimate interests of participants in the financial services market (in particular, the rights of consumers); the principle of assessment by the Regulators of transactions, operations, circumstances and events taking into account their economic and factual content; the principle of mandatory licensing of professional financial activity; the principle of exclusivity of professional financial activity.

Creation and Legal Status of a Specially Authorized Body of Non-Banking Financial Services

The article is devoted to the peculiarities of state regulation in the market of non-banking financial services. At the same time, attention was paid to the creation of a specially authorized state body in the form of the National Commission for Control of the Market of Non-Banking Financial Services. The purpose of the article is to reveal the legal status, the order of formation, and clarify the main principles of the National Commission's activity. Achieving the outlined goal became possible thanks to the use of a complex of methods of scientific knowledge, in particular, the dialectical method (for comprehensive knowledge of the nature of the National Commission for Control over the Market of Non-Banking Financial Services), the formal-legal method (for establishing the content of legal norms), the formal-logical method (for identification of shortcomings in national legal regulation), comparative legal method (for studying the experience of other countries and determining the prospects for implementing their principles of activity in the national legal field). It has been studied that the special status of the commission is that it ensures the stability of the entire non-banking financial system of Ukraine, establishing the requirements that such institutions must meet, namely requirements for: liquidity, solvency, capital, asset quality, risk level of operations, profitability. The work examines the relationship between the commission and the National Bank of Ukraine, their cooperation in the market, which consists in the development of regulatory and legal acts and their approval. The need for the National Bank of Ukraine to delegate its powers to the National Commission for Control of Non-Banking Financial Services in relation to: registration of market participants, licensing of non-bank financial institutions, determining the procedure for issuing and canceling a license, approving the terms of operation of such institutions. In view of this, a new model of state regulation on the market of non-banking financial services was proposed in the form of concentration of all control functions on the market in a single operationally independent regulator - the National Commission for Control of Non-Banking Financial Services, which is in close cooperation with the National Bank of Ukraine and by the National Securities and Stock Market Commission. Also, the article emphasizes that regulation by the National Commission for Control of the Market of Non-Banking Financial Services should be complemented by a system of self-regulating participants in the market, which are an additional tool to state regulation.

THE EFFECT OF DIGITAL MARKETING ON INCREASING INTEREST IN PURCHASING MOTOR VEHICLE POLICIES IN GENERATION Z IN PALEMBANG CITY

The development of technology in this day and age has grown rapidly. Many entrepreneurs use technology to market goods and services. Digital marketing is one way entrepreneurs develop markets for goods and services. Digital Marketing is now also used by non-bank financial services companies such as insurance companies. Many insurance companies develop technology to market insurance policies. Motor Vehicle Insurance Policy is one of the insurance products that is often echoed through digital media platforms. In addition to marketing through social media, companies also innovate by developing Insurtech applications. Generation Z today can be said to be the most tech-savvy generation, and is quite capable of using motorized vehicles. They rely on digital marketing and technology media in choosing, getting information and buying Motor Vehicle insurance policies, this also affects the increase in interest in ownership of Motor Vehicle Insurance Policies

PENGARUH RASIO BIAYA OPERASIONAL PENDAPATAN OPERASIONAL (BOPO) DAN NON PERFORMING FINANCING (NPF) TERHADAP NET OPERATING MARGIN (NOM) PADA BANK UMUM SYARIAH YANG TERDAFTAR DI OTORITAS JASA KEUANGAN (OJK)

The Financial Services Authority is a state administration tasked with administering a system of regulation and supervision of all activities in the financial sector, such as the banking sector, capital market and non-bank financial services sector, such as insurance, pension funds, financing institutions and others. The phenomenon of a decrease in the net operating margin of Islamic banks attracted the author's interest to investigate further. This purpose of this study is to determine the effect of operating expense on operating revenue ratio (BOPO) and non performing financing (NPF) on the net operating margin (NOM) of Islamic Commercial Banks (BUS) registered on the OJK, either partially or simultaneously. This study uses quantitative methods with secondary data in the form of financial statements. The population are 12 BUS, but the sample used are only 6 BUS for 5 years with purposive sampling method. The analytical technique used is data normality test, product moment correlation test, multiple correlation test, multiple regression test, coefficient of determination test, t test and F test. The results of t test indicate that BOPO has a significant effect partially on NOM, while NPF has no significant effect partially on NOM. The results of the F test show that the BOPO and NPF have a significant effect simultaneously on NOM with a percentage coefficient of determination is 69.8%.

ЗАРУБІЖНИЙ ДОСВІД ТА ВІТЧИЗНЯНА ПРАКТИКА ВИКОРИСТАННЯ ТА РЕГУЛЮВАННЯ ФІНАНСОВИХ ІНСТРУМЕНТІВ НЕБАНКІВСЬКИМИ ФІНАНСОВИМИ УСТАНОВАМИ В УКРАЇНІ

In the contemporary economic landscape, the non-banking financial services market has attained a significant prominence within the economies of developed countries. The primary objective is to examine the European experience, which will facilitate the selection of an appropriate model for the contemporary market of non-banking financial services and its instruments. The objective of this article is to examine the international experience of utilising and regulating financial instruments by non-bank financial institutions, with a view to assessing the feasibility of implementing this approach in Ukraine. A variety of scientific materials and individual methods were employed in the course of conducting the study. The abstract method was employed to analyze the professional literature on the subject, both domestic and foreign. To ascertain the potential for the advancement of financial instruments by non-bank financial institutions in Ukraine, the theoretical generalization and systematic methods were employed. The study's information base is comprised of official sources and data from recognized financial services market analysts. This article examines the experience of non-bank financial institutions in other countries. This study identifies the principal financial instruments and sources of financial resources for non-bank financial institutions in Ukraine. The regulatory and supervisory systems for financial institutions in Ukraine and abroad are examined, and the differences between them are identified. The primary challenges associated with regulating the activities of non-bank financial institutions in Ukraine have been identified. It has been concluded that the advancement of regulation and supervision in the Ukrainian financial market should be based on contemporary approaches and novel regulatory principles observed in European practice. This entails the unification of regulatory procedures, the implementation of risk-based supervision and the establishment of standardized risk management procedures, the reinforcement of control over the owners and managers of financial institutions, as well as the concentration and integration of regulatory functions within a single regulator. An additional crucial factor is the regulator's capacity and inclination to collaborate effectively with international financial institutions and their associations. The effective advancement of lending activities in the non-banking financial sector necessitates not only an enhancement in the level of borrower protection through the optimization of state regulation, but also an expansion in consumer financial awareness.

Financial Management Education in Traditional Cake Entrepreneurship Under The Share of The Diamond Cooperative in Pisangan Village, South Tangerang

The main problem in Small, Micro, and Medium Enterprises (MSMEs), one of which is limited capital. Difficulties in obtaining loans or other external capital are partly because MSMEs do not have financial information that is accountable, transparent, has integrity, and is in accordance with Financial Accounting Standards. Apart from that, business financial management is still mixed with household finances, and the lack of knowledge regarding product cost calculations means that MSME products often have higher prices compared to imported products. Community service activities are carried out in collaboration with the Berlian Cooperative in the South Tangerang Region which is engaged in savings and loans and selling traditional Betawi cakes. The aim of this community service (PKM) is to provide education regarding business financial management and mechanisms for calculating costs and product selling prices based on cost accounting. The implementation method is in the form of lectures and simulations of calculating product costs and recording simple financial reports. The results of PKM activities show that the results of questionnaires distributed at the pre-activity stage show that this MSME group still has problems related to business bookkeeping and proper financial management so the average MSME actor in this group still does not know the exact amount of income and costs, and the profits generated from their efforts. Based on this, it is necessary to carry out further training and assistance related to financial management and literacy in banking and non-banking financial services so that MSME players can develop their businesses.
 Keywords: MSMEs, Financial Governance, Production Costs, Selling Prices

Measuring fintech-driven financial inclusion for developing countries: Comprehensive Digital Financial Inclusion Index (CDFII)

Purpose ― The main objective of this study is to develop a comprehensive digital financial inclusion index (CDFII) that accounts for technology-driven financial inclusion and to compare it with a traditional financial inclusion index (TFII) to enhance the measurement of fintech-driven financial inclusion across countries.Methods ― The study employs a three-stage principal component analysis (PCA) to construct the CDFII and TFII using the latest available data from 31 developing countries during the period 2015-2021. The CDFII incorporates a new sub-index measuring individual literacy levels for using financial services, along with existing sub-indices capturing the penetration, availability, and usage of DFS. By integrating digital financial inclusion (DFII) and TFII, the overall CDFII is estimated.Findings ― The findings reveal that the levels of DFII and CDFII are higher than TFII for most of the economies examined. This indicates the significant impact of technology-driven financial inclusion in expanding access to formal banking and non-banking financial services for previously unbanked populations.Implication ― The study implies that policymakers and researchers should prioritize the integration of technology-driven financial inclusion indicators, such as the comprehensive digital financial inclusion index (CDFII), into their assessments and interventions to ensure a more accurate and effective approach to promoting inclusive and sustainable economic development.Originality ― This study introduces the CDFII as a novel comprehensive index that addresses the shortcomings of traditional financial inclusion indices. By incorporating individual skill levels and considering dimensions specific to DFS, the CDFII provides a more accurate representation of fintech-driven financial inclusion levels. This contributes to the existing literature on financial inclusion measurement and provides a valuable analytical tool for researchers and policymakers.

Consumer Characteristics Of Financing Company Service Users In Indonesia

Abstract: Finance Company is a non-banking financial services company engaged in financing and is registered and supervised by OJK. The current challenge is the decline in the number of receivables and is inversely proportional to Financial Technology companies. Restrictive policies during the Covid-19 pandemic have made people change their purchasing behavior of goods and services, including credit transactions. The decline in the number of consumers in finance companies must be anticipated so that the company can maintain its market. The purpose of this study is to analyze the characteristics of consumers who choose Finance Companies as an alternative to obtaining loans. The research was conducted in an area with the largest population of Finance Company users, namely Jabodetabek . Data collection using the Cluster Random Sampling method using G-Form with a total of 200 respondents. The results of the study explained characteristics such as gender, age, education, occupation, marital status, income, and region of residence. Managerial implications that can be considered for finance service companies are that companies can find out consumer characteristics and obtain information in order to reach more consumers so as to provide benefits for the company.

Вітчизняний ринок небанківських фінансових послуг: стратегічні сценарії відновлення

As the global financial landscape evolves, the nonbank financial sector has gained prominence and plays a critical role in intermediating financial activities. However, recent developments have underscored the increasing susceptibility of this sector to potential crises and the destabilization of the financial system. The potential for liquidity risks is another significant concern. Nonbank financial and credit institutions heavily rely on short-term funding sources, making them susceptible to sudden disruptions in market liquidity or funding constraints during periods of stress. Moreover, the sector’s exposure to illiquid assets, such as real estate and long-term loans, poses additional vulnerabilities, as their valuations may rapidly deteriorate during periods of market distress. The purpose of the article is to substantiate the key areas of development of non-bank financial and credit institutions in the context of ensuring national economic stability, taking into account the introduction of martial law in Ukraine. The methodology of the system approach, comparison, analysis, synthesis, abstract-logical, economic-statistical, as well as the method of graphical representation of the research results was used. The article examines the growing vulnerability of the nonbank financial sector and its potential impact on the stability of the overall financial system. Current data on the functioning of the non-banking sector are presented, which confirm its importance and impact on the country’s economy. A number of supervisory approaches aimed at ensuring stability, transparency and protection of consumer rights in the market of non-banking financial services (NBFS) are highlighted. The importance of implementing an effective risk-oriented approach to the supervision of the activities of non-bank financial and credit institutions (NBFCI) and the preparation of a methodology for the supervisory assessment of risks of the NBFCI in terms of the ‘structural benchmarks’ declared in the Memorandum of Economic and Financial Policies with IMF is emphasized. Attention is focused on the identified key opportunities and limitations of the non-banking financial services market in the conditions of martial law. An important step in this direction is the harmonization of legislation governing the activities of nonbank financial institutions with the requirements and standards of the European Union. This stimulates interaction with international partners, enhances trust in the Ukrainian financial sector, and promotes the attraction of foreign investments.

Basis for the Establishment of the Financial Services Authority (OJK) as Regulator and Supervisor of Financial Services in Banjarmasin

Continuous and stable supervision can be carried out by an independent institution such as Bank Indonesia or the Financial Services Authority. The basis for establishing the Financial Services Authority considers various aspects, especially technological aspects, where growth and development as well as financial service systems are increasingly needed by the public quickly and precisely. With the birth of the Financial Services Authority, regulation and supervision of financial service institutions can be easily carried out through one door, remembering that financial service institutions are not only banks but also non-bank financial service institutions and capital markets. With the formation of the OJK, it is hoped that it can support the interests of the financial services sector as a whole and increase the competitiveness of financial services institutions themselves in making contributions to national development.

HOW THE EU ASSOCIATION AGREEMENT SHAPES UKRAINE'S FINANCIAL SERVICES MARKET REGULATION

This article delves into the impact of the European Union (EU) Association Agreement on Ukraine's financial services market regulation. The study examines how the harmonization of Ukrainian legislation with EU norms has shaped the financial services sector's development and integration into the European economic area. Research Objectives: The main objectives of this research are to analyze the extent to which Ukrainian legislation aligns with the acquis EU in the financial services domain and to identify the challenges and opportunities arising from this process. Additionally, the study aims to assess the implications of the EU Association Agreement on Ukraine's financial market stability, transparency, and regulatory oversight. Methodology: To achieve the research objectives, a comprehensive review of relevant literature, EU directives, and regulatory acts concerning financial services was conducted. The study also analyzed official documents related to Ukraine's adaptation to EU norms and the implementation of the Association Agreement. Furthermore, expert opinions and insights from prominent scholars in the field were considered to gain a deeper understanding of the subject. Findings: The analysis reveals that the EU Association Agreement has played a pivotal role in shaping Ukraine's financial services market regulation. The step-by-step adaptation of Ukrainian legislation to the acquis EU has fostered a more unified legal environment for market participants in both Ukraine and EU countries. Notably, the transfer of regulatory functions for the non-banking financial services market to the National Bank of Ukraine has enhanced overall financial stability and brought Ukraine's financial practices in line with international standards. However, certain limitations and restrictions in the cross-border provision of services persist, presenting challenges to fair competition and market access. Despite these hurdles, the successful implementation of the Comprehensive Program for the Development of the Financial Sector until 2020 has contributed to resolving economic issues and restoring macroeconomic stability in Ukraine. As Ukraine continues on its path towards deeper integration with the EU, ongoing efforts and reforms in the financial services market are essential to align with EU norms, foster cooperation, and attract more investments.

Analysis Factor Affecting The Use Of Digital Payment With The Extended Utaut Model

This Study aims to determine the factors that influence users in using digital payment in transactions. The Unified Theory of Acceptance and Use of Technology (UTAUT) is used as a research model with independent variables: performance expectations,effort expectancy, facility conditions, social influence and extend UTAUT research model with trust and perceived innovativeness. This study also changes the relationship between the influence of intention to use E-WOM and Loyalty.This research method uses an online survey method that is distributed using Google Surveys. The research data were collected from 355 digital payment users of Indonesia private banks who had the experience of using digital payment. The structural equation modeling technique was used to test the research hypotheses. Primary data collected were analyzed using SmartPLS software. Findings suggest that performance expectancy, facilitating conditions, trust, perceived innovativeness factor in influencing the digital payment adoption intention. effort expectancy, social influence, do not have a effect on behavioral intentions. On the other hand, digital payment adoption intention has also had a significant positive effect on loyalty and word-of-mouth (WOM). This study contributes to the literature on digital payment services and usage behavior. This research can provide an overview for banking and non-bank financial services to always maintain the quality of digital payment applications so that they always provide benefits to improve performance, effectiveness and also productivity for those who use them. And innovate and also develop new features in digital payment applications in order to attract public attention. From theoretical and managerial aspects, this study has particular value for the literature on digital payment intention in general and banking in particular. The present study provides a conceptual framework for digital payment M-banking adoption intention, which could be used in digital services. In addition, this study sought to extend UTAUT and to examine the behavior intention in WOM and Loyalty.
 
 Keywords: Digital Payment, WOM, Loyalty, UTAUT, behavior intention , digital payment adoption Paper type Research paper

APPLICATION OF FORCE MAJEURE CLAUSES IN AGREEMENTS BUSINESS RENTAL DURING THE COVID-19 PANDEMIC

The development of the COVID-19 pandemic has disrupted various aspects of life, one of which is in terms of agreements where there is a breach of contract because one party cannot fulfill its achievements due to the COVID-19 force majeure. The formulation of the problem in this research is how to apply the COVID-19 force majeure clause in leasing contracts during the pandemic and what the settlement policy is for leasing contracts that occur during the COVID-19 pandemic. This research aims to find out how the force majeure clause is applied in leasing agreements during the COVID-19 pandemic and how to resolve it. This research uses an empirical juridical research method, namely a method used to obtain primary data and find the truth based on facts in the field through interviews with related parties. The results of this research explain that the leasing institution PT. FIF Group Astra Palu City and Sinarmas Multifinance Palu City have not implemented a force majeure clause in the contract with the lessee. The two leading institutions have formed various policies to overcome defaults during the COVID-19 pandemic by referring to the Regulation of the Financial Services Authority of the Republic of Indonesia Number 14/POJK.05/2020 concerning Countercyclical Policies on the Impact of the Spread of Coronavirus Disease 2019 for Non-Bank Financial Services Institutions and continue to pay attention to the precautionary principle that does not harm the lessee or the lessor. This research provides suggestions for leasing institutions to include standard clauses regarding COVID-19 force majeure in written contracts with lessees, and for lessees to be more cooperative in responding to policies issued by leasing institutions.

THE DEFINITION AND STRUCTURE OF FINANCIAL SECURITY

The purpose of the article is to clarify the definition and structure of financial security. The subject of the research is the definition and structure of financial security. Financial security is defined as the most important element of the country's economic security in modern conditions; approaches to the definition of the concept of economic security are characterized; the concept of financial security is defined; administrative and legal relations in the field of financial security are characterized; the structure of administrative relations in the field of financial security is determined; threats to financial security are identified; threats to the development of the insurance market are identified; problems of the market of non-banking financial services in Ukraine are characterized; factors ensuring the competitiveness of the non-banking financial sector in modern conditions are characterized. Methodology. General scientific methods of formal logic (analysis, synthesis, deduction, induction, analogy, abstraction and modeling) are used in the article. Results. Thus, the financial security of Ukraine should be understood as a complex, dynamic, social system with an extensive network of interconnected and interdependent elements and connections, which guarantees the state's ability to effectively form, preserve against depreciation and rational use of financial resources and is aimed at stabilizing the socio-economic development of the country, ensuring its stability, as well as the formation of prerequisites for preserving the integrity and unity of the state financial system, maintenance of financial obligations.

Обліково-аналітичний аспект здійснення факторингових операцій

Every year, factoring operations gain popularity not only abroad, but also in the domestic market of non-banking financial services. However, our enterprises do not use this service very often, due to mistrust, lack of distribution and ignorance. In addition, there is the issue of an imperfect explanation of the implementation of some aspects of factoring operations. That is why the article reveals the issue of factoring in Ukraine, its development and dynamics, reflected in the legislation. A study of some aspects of accounting was carried out and the recommendations of scientists regarding the display of various types of factoring operations were reflected. Also, an important point is the control of receivables before and during the use of factoring operations.

СИСТЕМА ОЦІНКИ РИЗИКУ ДІЯЛЬНОСТІ СТРАХОВОГО БРОКЕРА

The article reviews the risk assessment system of insurance broker activity in Ukraine, compares the current norms of risk assessment of insurance broker activity, namely the Regulations "On the approval of Methodological recommendations on the organization of corporate governance in financial service providers and non-bank financial groups" and "On the approval of the Regulations on the organization risk management systems in financial service providers and non-banking financial groups" with prospective changes to this process promoted by the regulator, the National Bank of Ukraine, taking into account the strategic goals of the development of the financial sector of Ukraine. It is noted that any participant in the market of non-banking financial services faces problems of resource fulfillment of essential requirements regarding risk management criteria. Moreover, the significant expansion of the quantitative and qualitative indicators of the risk assessment of the insurance broker itself emphasizes the need to narrow the calculations, taking into account the scale of activity of a participant in the market of non-banking financial services. It is proposed to optimize the determined overload of indicator calculations and reporting on risk management of the insurance broker by applying the expert method. In order to optimize the risk assessment of the insurance broker's activity, it is proposed to change the significance of each component of the process. Thus, when assessing the risk of an insurance broker's activity, preference is given to mandatory regulations – 40% of the total risk factor, 30% to activity indicators, and the weight of risk management and corporate governance was 20% and 10%, respectively. The recommended weighting coefficients were determined by conducting an expert evaluation of the opinion of 24 insurance market specialists, who identified the priority component of the risk assessment as meeting the standards of capital adequacy, liquidity and solvency. On the other hand, corporate governance and internal audit, which the regulator pays attention to, for an insurance broker corresponds to a less significant 20% of the total volume of risk assessment indicators of its activity.

COVID-19 PANDEMIC AS THE REASON FOR FORCE MAJEURE IN MOTOR VEHICLES CONSUMER FINANCING AGREEMENTS (STUDY AT PT SUMMIT OTO FINANCE BENGKULU BRANCH)

As an emergency, the COVID-19 pandemic is also known as a force majeure in civil law, therefore it could be one of the reasons for the postponement until the cancellation of the current agreement. Therefore, the Financial Services Authority as the institution authorized to regulate financial service activities stipulates OJK Regulation Number 14/POJK.05/2020 concerning Countercyclical Policy on the spreading impact of the 2019 Coronavirus Disease for Non-Bank Financial Services Institutions to optimize leasing business activities through financing restructuring. This thesis was completed through empirical research. This study aimed to describe and analyze the implementation of credit restructuring by PT. Summit OTO Bengkulu Branch to resolve late installment payments due to Force Majeure due to the impact of COVID-19, as well as to comprehend and know legal settlements related to delays in the implementation of motor vehicle installment payments at PT. Summit OTO of Bengkulu Branch due to COVID-19.The results of the research and discussion explain that the legal consequence of the spread of COVID-19 as a Force Majeure relative to the financing agreement is that the debtor must still fulfill his obligations/achievements to the debtor after COVID-19 ends. In its implementation, debtors are given credit relief through restructuring in accordance with the form of restructuring issued by leasing in the form of lowering interest rates, extending time, reducing principal arrears, reducing interest arrears, and other forms according to the verification and analysis of the Leasing party on debtors affected by COVID-19. Implementation of financing restructuring in PT. Summit OTO Bengkulu Branch until July 2021 has been realized as much as431 (four hundred and thirty-one) contracts financing. Restructuring of financing is carried out by extending the term of the agreement, delaying part of the payment of motor vehicle installments, and reducing the principal arrears during the period of restructuring of the financing.

Analisis Pertanggungjawaban Hukum Debitur Wanprestasi Terhadap Kreditur Yang Menerapkan Alasan Wabah Covid-19 Sebagai Force Majeure

This research is normative legal research conducted by reviewing and analyzing library materials. This research refers to the legal norms contained in the legislation and court decisions as well as the norms that live and develop in society. In this study, there are regulations issued by the competent government and local and national government policies that impose lockdowns or social distancing, restrictions on entry routes between regions, and ask the whole community to stay at home or work from home (work from home). house) directly hinders the performance of achievements or obligations in a contract agreement, thus causing this to be classified as a state of coercion or force majeure. Based on the results of the study, it can be understood that debtors who default on creditors during the Covid-19 outbreak using force majeure reasons so that they are free from the responsibility to make achievements, there must be elements of force majeure according to Article 1245 of the Civil Code and the debtor is obliged to prove it. With the POJK No. 11/POJK.03/2020 concerning National Economic Stimulus as a Counter-cyclical Policy on the Impact of the Spread of Coronavirus Disease 2019 and POJK No. 14/POJK.05/2020 concerning Counter-cyclical Policy on the Impact of the Spread of Corona Virus Disease 2019 for Non-Bank Financial Services Institutions. This regulation authorizes banking financial institutions or financing institutions to provide “credit relaxation”, in which credit relaxation itself is the granting of concessions related to credit payments amid Covid-19.

Qualitative study on the impact of globalisation on public relations practice in Ghana

The article analyses the perceived impact of globalisation on public relations practice in Ghana byexamining how Ghanaian PR practitioners are utilising the opportunities that globalisation offerswhile dealing with the challenges it brings. The qualitative interview technique was used to interviewa total of five (5) PR practitioners from the non-banking financial services sector. Results show PRpractitioners are very much aware of the demand placed on them by globalisation. Communicationinfrastructural challenges as well as a lack of technological skills is proving a huge challenge inthe management of communication activities. As multinational organisations continue to floodinto the country, the competition will be keen. Practitioners need to upgrade their skills, especiallyin the area of digital communication, and knowledge regarding the current standards of practicein the era of globalisation. It is essential for PR educators in Ghana to respond to the challengeof globalisation by redefining their teaching curriculums to reflect the dynamics of internationalpractice. Moreover, it is time for African PR scholars to make a significant contribution to thisdiscussion from an African perspective. The limited number of interviewees and the selection ofpractitioners from a particular sector of the economy, however, means the research cannot begeneralised.

Nieuczciwe praktyki w zakresie refinansowania z wykorzystaniem krótkoterminowych pożyczek

The purpose of this article is to present civil law mechanisms protecting consumers against unfair practices of the financial market. Companies that grant loans often bypass statutory cost limits out of concern for their own economic interests to the detriment of their customers. There-fore, it is important to point out unfair practices to which consumers are subjected by entrepre-neurs operating in the loan services sector.The work indicates the sources of consumer protection at the national and European level, which are to counteract the violation of consumer rights in commercial transactions sensu largo. It should be stressed that the consumer in asymmetrical relations is a subject particularly vulnerable to unfair practices of the trader, who often uses his advantage, especially his information ad-vantage, to gain additional income by imposing on the consumer a number of financial burdens (usually not equivalent to the costs incurred by the trader), resulting in harming the weaker party to the loan contract, i.e. the consumer. The market of financial services that specialise in granting short-term loans is not subject to control by the Polish Financial Supervision Authority (KNF), which encourages unfair market practices, therefore it is important to notice the problem of lack of state supervision over the activities of such companies. This paper is the result of analysis of case-law and literature in the field of non-bank fi-nancial services.