Саморегулювання ринку кредитних послуг фізичним особам
Self-regulation of the credit services market for individuals

Summary/Abstract: Introduction. Relevance of the research is caused by the need to regulate relations between buyers and sellers on the credit services market, provide communication between the government and sellers of credit services and protect professional market participants from excessive state control. The purpose of the article is to design a classification for self-regulation of the credit services market to individuals and identify its features in Ukraine. Methods. The authors used methods of theoretical generalisation, comparison and system analysis. Results. Analytical, information, coordination and innovative functions are performed by self-regulated organisations in the credit services market. It is proposed to classify the self-regulation of credit services market by models, market sectors, area, and by participants. The authors have studied activities of the Association of Ukrainian Banks, the Independent Association of Banks of Ukraine, the Ukrainian Association of Credit Unions, the Ukrainian National Credit Union Association, the All-Ukrainian Association of Pawnshops, the Ukrainian Association of Credit Unions of Servicemen and Employees of Law Enforcement Agencies, the World Council of Credit Unions, the World Council of Ukrainian Cooperatives, the Ukrainian Professional Association for Protection of Investors, Creditors and Insurants and the Association for Consumer Protection with regard to self-regulated organisations providing financial services in the credit services market. In periods of growth, self-regulated organisations were presented by the associations of suppliers in Ukraine. In the period of crisis aggravation, self-regulated organisations appeared to be institutions that protected the rights of consumers of credit services. Conclusions. Thus, self-regulation is an important function of the credit services market and helps to strengthen the resilience to the external threats and protect the interests of both service suppliers and consumers. Self-regulated organisations in the credit services market in Ukraine do not provide regulatory functions. They are largely linked to the execution of representative, analytical and information functions. At the same time, the role of the innovative function of the national self-regulated organisations will increase in the future with regard to the activation of financial innovation and financial technologies in the international credit market. Prior to 2008, self-regulation of the credit services market in Ukraine was represented by associations of suppliers. In the period of acute crisis, self-regulated organisations have started to actively develop in the market. They were created by consumers of credit in order to protect their rights.

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