Protection of the Rights of Consumers of Financial Services (on the Example of Derivative Financial Instruments)
- Authors: Krokhina Y.A.1
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Affiliations:
- Lomonosov Moscow State University
- Issue: Vol 16, No 6 (2023)
- Pages: 34-40
- Section: Public Law (State Law) Sciences
- URL: https://journals.eco-vector.com/2072-3164/article/view/569065
- EDN: https://elibrary.ru/VXNGKM
- ID: 569065
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Abstract
Derivative financial instruments are used by financial market participants both for the purpose of hedging risks and for speculative interest. In recent yearsn residents have increased their interest in derivatives transactions, which are used as an alternative to foreign investment products, as well as to circumvent economic sanctions. By economic nature, a derivative is a complex and high-risk financial instrument, the legal regulation of which is imperfect. These circumstances give rise to a large number of violations of the rights of consumers of financial services. The standard for protecting the rights of consumers of financial services requires the Bank of Russia to take proactive measures aimed at preventing violations and restoring the violated rights of participants in transactions with derivative financial instruments. The implementation of these powers of the regulator is difficult due to the large number of regulations of various levels that regulate differentiated sectors of the financial market. Reasoned proposals to improve the efficiency of the standard for protecting the rights of consumers of financial services.
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About the authors
Yuliya A. Krokhina
Lomonosov Moscow State University
Author for correspondence.
Email: jkrokhina@mail.ru
ORCID iD: 0000-0001-9178-758X
SPIN-code: 3526-8230
Dr.Sci.(Law), Professor, Head of the Department of Legal Disciplines of the Higher School of Public Audit (Faculty)
Russian Federation, MoscowReferences
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