Clients of failed brokerages to receive additional HUF 1.4 bln
The clients of failed Hungarian brokerages, including Quaestor, may receive an additional HUF 1.4 billion in compensation for financial losses, following the Hungarian Parliamentʼs decision today to alter the definition of ‘yield’, the Hungarian Compensation Fund said, according to Hungarian news agency MTI.
Roughly 6,000 clients are set to benefit from greater compensation payouts in light of the changes.
The altered legislation will be beneficial to clients, as only real achieved income will be deducted from compensation payouts, while interest credited to security accounts will not, according to the Compensation Fund.
The changes follow earlier statements by the bill’s author, Justice Ministry State Secretary Pál Volner, who mentioned that interest had been factored in to the cost of Quaestor’s bonds, and thus only interest attributed to investors’ securities accounts, “cannot be seen as the yield generated by the investment in its entirety,” MTI added.
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