banking segments of the market. At the same time, there is an evident disproportion of
the market structure with a significant predominance of the banking system as a
traditional element of the financial system of any modern country.
Figure 2. Volume of the Ukrainian financial market, 2013-2017, UAH billion
Source: compiled by the author according to the data provided by the National Bank of Ukraine
and the National Committee that performs state regulation in the field of financial services markets
Such circumstance proves the urgency of promoting non-banking financial
services and providing governmental support to enhance the development of the non-
banking financial service segment.
Distinctive features of European markets remain high standards of service,
constant increase of assortment of financial products and services, diversification of
price policy in order to provide access to the market of all categories of the population
and business structures, high level of information transparency, fair competition policy,
etc. And this is in a rather high tax burden, relying on both the most professional
financial market participants and users of financial services.
To stimulate the development of the market for non-bank financial services can
be done using the tools of the state monetary and fiscal policies. In particular, the use
of diversification of tax rates for profits of various types of financial institutions can be
used, taking into account the economic and social effect that their professional
activities in the financial market segment. It is advisable to establish a grace period for
taxation for financial companies that are only starting their business. At the same time,
it is rational to use the abolition of such a grace period as a measure to stop the provision
of financial services, the quality of which does not meet state, European and world
standards. Also within the framework of fiscal policy implementation it will be
superfluous to provide participants of the non-bank financial services market with the
opportunity to guarantee to their clients the confidentiality of their individual financial
transactions, such as banking secrecy, but in the segment of non-traditional financial
services.
1277,5
1254,4
1336,4
125
162,8
185,8
0
500
1000
1500
2013
2015
2017
Banking system assets
Assets of non-bank financial institutions
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