From traditional approaches to a flexible model: transformation of licensing of financial organizations

The article identifies the advantages of the traditional licensing model of financial organizations, as well as its disadvantages, including the presence of barriers to entry of new players into the market, high costs, complexity and duration of the licensing process, as well as the lack of an open dialogue between the financial regulator and license applicants. The necessity and importance of switching to a new licensing model based on the principles of transparency, flexibility and adaptability are substantiated, which will provide deeper protection of consumer rights and strengthen financial stability through proactive regulation and monitoring. The article also offers recommendations for participants in the licensing process aimed at ensuring a smooth and less stressful transition to a new model.