KARINA KARAIVANOVA: THE PROTECTION OF FINANCIAL SERVICES CONSUMERS WILL REMAIN A PRIORITY FOR THE MINISTRY OF FINANCE
11.12.2014
"During the last 25 years since the beginning of the transition the Bulgarian financial market has opened to the global markets, the diversity of financial products and services has considerably enhanced and the objective need when taking decisions to use them has increased", Deputy Minister of Finance Karina Karaivanova said at the opening of the information conference "Protection of financial services consumers: challenges and perspectives facing Bulgaria arising from the new EU legal framework". According to Deputy Minister Karaivanova the main aspects for the subject of consumer protection to be topical and important are at least two. She pointed out that on the one hand the consumer confidence in the stability of financial markets was an asset that could easily be lost and extremely difficult to regain, particularly when related to personal savings, investments and pension rights. "It is not by chance that after the beginning of the crisis one of the main goals of the European institutions and EU Member States, Bulgaria including, has been to improve the level of protection of financial services consumers and to strengthen the legal framework for financial products in EU", Karina Karaivanova reminded. On the other hand, she added, it was necessary every consumer of financial services to be well informed about his rights, the measures, means and mechanisms for protection and to be well aware of his responsibilities when signing and implementing a contract for financial services.
Karina Karaivanova confirmed that the protection of financial services consumers would remain a priority for the Ministry of Finance (MoF) in the future and it would continue to work in cooperation with all parties involved in the decision making process.
The conference is part of the 2014 Working Programme of the Communication Strategy of the Republic of Bulgaria for the EU. Partners of MoF in the project implementation are the Bulgarian National Bank, the Financial Supervision Commission and the Bank Deposit Insurance Fund.