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Index of protection of the interests of consumers of the financial services market
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Date
2018
Journal Title
Journal ISSN
Volume Title
Publisher
Academic Research and Publishing UG (AR&P) LLC
Abstract
The world practice shows that active activity of international organizations in the direction of improving the system of protection of the rights of consumers of financial services gives first positive results after the crisis of 2008-2009. However, the theoretical basis, declared by international organizations, does not always coincide with the actual state of events in countries with different levels of economic and social development. This problem requires a more complex solution with the use of more flexible tools. In this article, key regulatory provisions were analyzed, which are currently regulating the process of providing the system for protecting the rights of consumers of financial services. Based on world experience, it is suggested to use the so-called index of the safity of customers of the finacial services market (ISCF), which is calculated on the basis of variables, united by three structural units: financial literacy, financial consumer protection, financial inclusion, to assess the degree of customer protection. This index was calculated for 142 countries with different levels of economic development. According to the results, the highest value of the index was found in the countries with developed economies (Belgium, Great Britain, Canada, Portugal and France). It confirms that the level of the economic development correlates with ISCF and there is direct connection. So, as country is more economic developed it has higher ISCF.
Description
Keywords
SOCIAL SCIENCES::Business and economics::Economics, SOCIAL SCIENCES::Business and economics, SOCIAL SCIENCES::Business and economics::Business studies, LAW/JURISPRUDENCE::Financial law
Citation
Alikariev O.F., Poliakh S.S. Index of protection of the interests of consumers of the financial services market. Business Ethics and Leadership. 2018. № 2(1). С. 78-95. DOI: https://doi.org/10.21272/bel.2(1).78-95.2018