CIB Bank fined for rejecting watchdog recommendation

Hungarian financial market watchdog PSzÁF on Wednesday said it fined CIB Bank HUF 5 million for failing to cooperate with the Financial Reconciliation Body, recently established to resolve disputes between financial institutions and retail clients.
The fine is the first levied by PSzÁF for failing to comply with a recommendation by the body which was established in July.
ADVERTISEMENT
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.