MNB allows investors to double-check account balances

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Image by Jessica Fejos

Clients of investment companies doing business in Hungary are now able to check their securities and equities account statements against data compiled by the market regulator, the National Bank of Hungaryʼs (MNB) deputy governor in charge of oversight told journalists today, according to Hungarian news agency MTI.

From the start of February, investors can anonymously request the information that their investment service providers must supply the central bank, said László Windisch.

The MNB announced the measure last October, saying the change “could strengthen client confidence in the financial sector” following the failure of three independent brokerages earlier in the year due to fraud.

Had the new system of checks been in place earlier, the brokerage scandal could have been avoided, Windisch said.

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