Report: Brokerage scandals could help foreign institutions
In the event that the Hungarian government introduces strict regulations on Hungarian banks and brokerages, domestic institutions will become less competitive in the European Union market and Hungarian investors could turn en masse to cheaper foreign service providers, Hungarian investment firm Equilor told Hungarian daily Napi Gazdaság today.
Equilor CEO Bálint Szécsényi (pictured) said that, although there is need for changes to improve public trust towards the financial sector, the government’s current proposed bill would impose extra fees on financial institutions and would lead to increased service costs for customers.
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