The National Bank of Ukraine (NBU) is launching a nationwide communication campaign –#KnowYourRights –to raise public awareness of consumer rights protection in financial services. Financed via the EU-FINREG project,the campaign will run from March till May 2021.
The campaign aims to educate consumers on how to avoid problems such as taking out “zero interest” loans, buying unwanted additional services, paying account maintenance fees that have been changed without due notice, or falling victim to a debt collector’s pressure. Consumers of non-bank financial services will be able to address their issues via the contact centre, or fill in the application form on the NBU website, as well as obtain information from chatbots in Viber and Telegram messengers. NBU will also launch a special webpage Know Your Rights.
In 2020, about 16,000 consumers applied to the NBU with some 40% of those applications referred to consumer rights infringement.
The EU assists Ukraine through the EU-FINREG project in strengthening the regulatory framework and supervision practices for non-bank financial services, including insurance, pensions, credit institutions and other services.
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