Finansinių paslaugų priežiūros teisinis reglamentavimas Lietuvoje, palyginimas su pasirinktomis Europos valstybėmis ; Legal regulation of financial services supervision in lithuania, comparison with selected european countries

Abstract

Increasing number of commercial banks and other financial institutions, complexity of their provided services and the volume of assets those institutions manage poses new challenges for countries in implementing proper financial sector supervision. In order to ensure appropriate supervision of the financial sector, it is necessary to establish explicit legal requirements for the activities of financial institutions. Therefore, the aim of this work is to discuss what legal regulation is established for the business conduct supervision in Lithuania, Estonia and the United Kingdom. In order to present the legal regulation of business conduct supervision, the legal acts of Lithuania, Estonia and the United Kingdom regulating the provision of payment, credit and insurance services were used. The analysis of business conduct supervision was based not only on legislation adopted by national parliaments, but also on rules and guidelines set by competent authorities. Regulation of business conduct supervision in Lithuania, Estonia and the United Kingdom, set the focus on the information disclosure. Pre-contractual information disclosure while providing payment, credit and insurance services is probably the most important financial institution obligation. Before concluding a contract between a financial institution and its client, a person must assess whether the chosen financial service meets the client's needs. A comparison of the regulation of business conduct supervision in different European countries has shown that the scope of supervision regulation is akin. The only exception is the regulation of business conduct supervision in the United Kingdom, where financial services supervision is regulated not only by legal acts but also by practical examples from competent authorities, which allow financial services providers to practically model potential business conduct breaches.