CONSUMER PROTECTION FOR DIGITAL FINANCIAL SERVICES

The aim of the study is the features of the legal regulation of consumer protection of digital banking in the European Union, USA, China, and Russia. In the course of the work, it was revealed that 1) the regulation of consumer protection should not be too strict and excessive, i.e., too strict regulation leads suppliers to go to other countries where the regulation is softer or lacks. This situation had a place in the USA when in 2018 the government needed to repeal some of the too harsh provisions of the 2010 Dodd-Frank Act; 2) on the other hand, too loose regulation of the distribution of digital banking services, as, for example, in China, has led to the emergence of several fraudulent schemes in the field of Internet banking; 3) consumer confidence in a well-functioning financial services market contributes to financial stability, growth, efficiency, and innovation in the long run. Therefore consumer protection is increasingly becoming one of the main tasks that go beyond the financial stability of supervisory institutions; 4) the Russian legislator should take into account the above points when developing a new legislative act—the “Code on Consumer Protection,” which is planned to be adopted in 2023. © 2022 by Information Age Publishing