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Report: Brokerage scandals lower trust

History

The recent scandals surrounding brokerage firms in Hungary are expected to lower overall trust in the financial sector and Hungarian politics overall, Hungarian online daily origo.hu reported citing Gergely Rajnai, an analyst for the Center for Fair Political Analysis.

The analyst said that since compensation will affect a few individuals as compared to the remainder of the Hungarian population who have not invested their money in brokerages, the effects on society as a whole are expected to be slight.

“Both political sides will try to turn the recent financial scandals to their advantage, which is not beneficial as it prevents the truth from being revealed” Rajnai said. Yet, it is the governing political power which might get the shorter end of the stick, according to Rajnai, as “they have been in power for five years now, and they have not changed the regulatory environment, therefore they are responsible for the current situation”.

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