Zarys systemu instytucjonalnej ochrony praw konsumentów na rynku finansowym
Outline of the System of Institutional Protection of Consumer Rights in the Financial Market

Summary/Abstract: The article focuses on the analysis of institutional protection of the consumers of financial services. The Author identifies the basic features of financial services contracts, indicating the reasons for which they should be subject to special protection. The Author analyzes the notion of a consumer, not only in terms of definition but above all in terms of his/her awareness of the effects of contracts concluded and the reasons for undertaking decisions in the financial sphere. This serves to define the universal model of a consumer, which is necessary to establish the boundaries of his/her protection. In the Author’s opinion, the protection of the consumer of financial services is not only important for his/her individual financial situation but also it is systemically significant. This thesis was confirmed by the crisis of 2008 and subsequent years, which was caused, inter alia, by the improper consumer protection and irresponsible and excessive subprime lending. Similar risk occurs in Poland with regard to loans indexed to foreign currencies. The analyses have indicated that the attempt of the systematic (by statutory law) solution of the problem with the so-called franc loans can lead to the instability of some banks. The Author presents a progressive extension of the previously adopted paradigm of consumer protection through information in favour of the paradigm of institutional protection. It is visible on the largest financial markets, including the United States and European Union markets.The article provides the outline of institutional protection of the consumer of financial services in Poland, including the identification of key entities - the President of the Office for Competition and Consumer Protection, the Financial Supervision Commission and theFinancial Ombudsman.

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