COMPARATIVE LEGAL ANALYSIS OF MICROFINANCE ORGANIZATIONS IN THE UK AND THE RUSSIAN FEDERATION

The relevance of the chosen topic is stipulated by the problems of ensuring the protection of personal rights when interacting with microfinance organizations, protection of personal data of citizens, fraudulent actions when concluding a loan agreement using copies of documents, personal data in the information telecommunications network Internet, as well as stolen or lost documents, protection of citizens’ rights when processing personal data by microfinance organizations to obtain a consumer loan. In the microfinance market, there are organizations that conduct their activities illegally, they do not belong to any state register, as a rule, responsible persons are never located at the legal address of such companies, so it is almost impossible to compensate the damage caused to the consumer through the court. The average citizen is not able to determine whether an organization engaged in this type of service is a bona fide participant in the relationship, even taking into account the entire regulatory framework for consumer protection currently available in the Russian Federation. Due to legal illiteracy and specific features of this type of activity, the citizen is a weak (legally incompetent) party to the relationship. There is an increase in fraudulent crimes involving call centers from places of detention. In society there is increasing social tensions in connection with the filing by creditors in the face of microfinance organizations, is clearly too high requirements for the obligations of the loan agreement with a long delay for the period of default that arose prior to the amending legislation limits interest on consumer loans (borrowings) for a period of up to one year. Based on a comparative legal analysis of the regulation of microfinance organizations in the UK and the Russian Federation and the modeling method, it is necessary to develop recommendations for improving Russian legislation on microfinance activities.

loan, microfinance organizations, personal data, microfinance activities, fraud, abuse of law, Central Bank of the Russian Federation, supervision, borrower, regulation, consumer of financial services, financial conduct Authority.

Svistunov S. V. Comparative legal analysis of microfinance organizations in the UK and the Russian Federation. Business. Education. Law, 2020, no. 2, pp. 251–255. DOI: 10.25683/VOLBI.2020.51.243.