Watchdog fines Austrian-owned companies who wooed life insurance policy holders

Deals

Financial market regulator PSzÁF on Tuesday said it fined two Austrian-owned companies a combined HUF 33 million for working together to convince consumers to cancel their life insurance policies and reinvest the money with them. PSzÁF fined SMK Vermogensverwaltung GmbH HUF 30 million and its partner in the activity SMK Service Hungary Kft HUF 3 million. PSzÁF ordered the companies to cease acting as financial intermediaries without a licence. The companies convinced more than 100 people to cancel their polices and reinvest the money – more than HUF 100 million and some €160,000 – promising high returns. SMK took a 1.5-5% commission on the transaction.

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