Hungarian financial market regulator PSZAF on Friday issued recommendations to financial sector companies aimed at strengthening consumer protection.
The recommendations to banks, insurers and other capital market players seek to more efficiently support consumers’ interests.
Most Hungarian banks have already signed a code of conduct that came into force on January 1, 2010. The code of conduct affects information banks provide to borrowers, preparations to be made before loan contracts are signed, management of problem loans, and unilateral changes to contracts and bank fees. Financial market regulator PSZAF can fine signers who breech the code up to HUF 2 billion.
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