Zaštita korisnika financijskih usluga u Bosni i Hercegovini – uloga Ombudsmana za bankarski sustav
Financial consumer protection in Bosnia and Herzegovina – role of the Ombudsman for banking system

Summary/Abstract: After negative experiences from previous period, lawmakers in BiH's entities brought up new legal framework for financial consumer protection which is adjusted to acquis communautaire in European union. New legal framework significantly upgrades earlier financial consumer protection system, which mostly relied on Law on obligations and good will of financial institutions. New laws prescribe obligations for financial institutions in a clearly manner as well as rights for financial consumers, with purpose of putting more balance on contractual parties relationships. New framework empowered Ombudsman for banking system in order to create disciplined environment for financial institutions and also to promote awareness of financial consumers. It seems that Ombudsman was given broad competences to fulfill his goals, which are actually quite similar to regular court ones. Adopting new laws, which nominally treat specific area, usually do not accomplish wanted results by itself. It is needed to improve financial literacy of consumers from early days, by introducing elementary financial knowledge in school programs. It is extremely important to work on raising awareness of consumer rights and generally of credit risks on the market. That could be accomplished by creating competent financial and legal offices on municipal level, in charged for advising consumers in every phase of business relationship with financial institution. Insolvent people should be given way out from hard finacial situation through personal bankruptcy. The state should take care of it's citizens and give them chance for a new start. Only comprehensive interdisciplinary approach could minimize devastating consequences of consumer's insolvency

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