“Approving the Regulation on Additional Requirements to Financial Service Contracts” entered into force

Tuesday, April 27, 2021
“Approving the Regulation on Additional Requirements to Financial Service Contracts” entered into force

The Decree was developed by the National Bank to create conditions for transparency of data in banking contracts provided to clients

"The NBU has introduced additional requirements on banking contracts for full disclosure of services. These are the requirements for contracts on consumer credit, deposit, the opening and maintenance of a current account", the press service of the National bank of Ukraine informs.

The Ordinance, which entered into force on 27 April 2021, introduces the following provisions:

  • The bank is obliged to provide the customer with a full description of the service
  • The deposit contract must specify the date of return of the deposit and the bank’s right to extend the deposit period
  • The loan contract is required to include the list and value of additional service points, as well as the conditions for changing the interest rate
  • The treaty must be submitted in a font of at least 11 print points
  • Increased monitoring of contracts that do not give consumers the right to sue
  • Prohibition to change contract terms without first informing the consumer
  • Prohibition on requiring a consumer to pay for services not received under a contract
  • The Order does not apply to the public part of the offer contracts
  • The public part of offer contracts must not conflict with the individual part of the contract


"The main purpose of the new requirements is to ensure full disclosure of services, rights and obligations of bank and consumer, consequences of non-performance of obligations. This, in turn, will invest.com/investing-in-ukraine/service-for-investors/promote-your-business/" rel="dofollow">promote consumer understanding of the terms of financial services and a moderate decision to conclude a contract", commented in the NBU.

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