The National Arbitration Forum for Financial Services Consumers will start functioning in August this year
According to the results of a nationwide financial literacy survey commissioned by the USAID Financial Sector Transformation Project, many Ukrainians are unhappy with financial service providers (banks, financial companies), but simply consider it a fact of life. In addition, 45% of consumers do not even know with whom to complain and where to go to protect their rights. Courts are considered a costly and slow option for settling disputes with financial institutions.
The Ukrainian Association of FinTech and Innovation Company (UAFIC) is creating the FinCarga national arbitration platform to deal with complaints from consumers of financial services. Consumers will be able to lodge complaints in this system, which will then be transferred to financial institutions associated with the system, and the responses to complaints will be monitored until further disposal. It will be the first independent forum in Ukraine, which will allow individuals to resolve disputes with financial service providers quickly, free of charge and without going to regulatory or court.
President of the Board of the Ukrainian Association of Fintech and Innovation Companies
In addition to receiving, monitoring, and analyzing consumer appeals, FinCarga can work as an arbitrator, allowing both parties the dispute to obtain advisory support on a specific issue and reach agreement. Using this platform, UAFIC will also conduct research to identify the main causes of consumer dissatisfaction with the receipt and use of financial services.
This service will be available for internet connection on any device. In test mode, the platform will operate in August 2020, and the official launch is scheduled to take place in early October.
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