Vartotojų teisių apsauga finansinių paslaugų sferoje

Abstract

Efficient, available and competitive financial services are crucial element of the modern economy and society. Conservative use of financial services is usually a sign of weak socio - economic development and economically hostile society, which is unable to adapt to global environment and take advantage of the available social potential and resources. On the other hand the use of financial services to a large extent depends on the consumer trust therein, which is influenced by the enforced consumer rights policies. Consumer trust in financial services is especially important in Lithuania, where most consumer financial services are new and financial institutions are relatively young. Analysis of the consumer rights in financial services suggests that both in Lithuania, as well as the European Union regulation of consumer financial services is fragmented and not systematical. Lithuania lacks a single legislative act enlisting all financial services and defining criteria thereof. Moreover, the financial services sector undergoes significant regulatory reforms in Lithuania and the European Union. Lithuania has relatively recently introduced regulations for key financial services such as compulsory civil liability insurance or investment funds, which the European Union is in the middle of consumer credit reform.