Hungarian financial market regulator PSZAF on Tuesday said it fined AXA Hungary Investment Fund Manager HUF 100m for burdening members of its pension funds with unjustified costs.
PSZAF discovered that AXA’s investment fund manager had on a number of occasions invested pension fund assets into its own investment funds and passed on the additional charges to fund members rather than investing the assets directly in securities. The resulting additional costs came to HUF 808m, of which a little less than HUF 160m was paid back as part of a plan mandated by PSZAF to correct the problem.
PSZAF said it would launch a court case to recover for fund members the full amount of the unjustified costs.
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