MNB fines insurance broker for not cooperating with arbitration board

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The National Bank of Hungary (MNB) today said it levied a HUF 200,000 fine on insurance broker CLB Független Biztosítási Alkusz on charges of violating its obligation to cooperate to resolve a dispute on consumer complaints, Hungarian news agency MTI reported.

The fine was the first one of its kind, the MNB noted.

CLB Független Biztosítási Alkusz was fined because it violated the regulations when it failed to appear before the Financial Arbitration Board (PBT) and sent a delayed response to the case.

The PBT operates alongside the MNB as as an independent alternative forum for handling disputes between lenders and consumers.

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