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Dr hab. Joanna Rutecka-Góra
ORCID: 0000-0002-2509-8599
Dr hab. Joanna Rutecka-Góra, prof. SGH Associate Professor in the Demography Unit in the Institute of Statistics and Demography at Warsaw School of Economics where she conducts research on old-age pensions, insurance, individual savings and financial education. She has published numerous research articles considering old-age pension systems, insurance and retirement products and financial literacy with a special focus on consumer protection on financial markets.
DOI: 10.33226/0137-5490.2021.12.6
JEL: G18, G21, G51, J32, K15, K22

Individual retirement accounts and individual retirement security accounts may be offered in a form of a bank account that is concluded with the use of model contracts. But model contracts may contain abusive clauses in particular with regard to determining the amount of and making changes in interest rates and fees charged by banks. We aim to identify and analyze the compliance risk connected with inappropriate terms of retirement accounts offered to individuals and its consequences for banks and savers. We proved that model contracts used by banks to conclude retirement accounts include abusive clauses that may result in severe sanctions, both legal and economic ones. We used the following research methods: economic and legal analysis of individual retirement products offered by banks, critical analysis of the literature, case law of the SACC and entries in the register of NKU kept by the President of the OCCP as well as decisions of the President of the OCCP.

Keywords: individual retirement accounts; individual retirement savings accounts; abusive clauses; model contracts; compliance risk

Dr hab. Joanna Rutecka-Góra, prof. SGH

Associate Professor in the Demography Unit in the Institute of Statistics and Demography at Warsaw School of Economics where she conducts research on old-age pensions, insurance, individual savings and financial education. She has published numerous research articles considering old-age pension systems, insurance and retirement products and financial literacy with a special focus on consumer protection on financial markets.