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MNB expects financial market to adopt recommendation

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Image by Jessica Fejos

The National Bank of Hungary (MNB) said on Monday that it expects financial institutions to adopt its recommendation regarding the management of clientsʼ complaints without delay.

The MNBʼs Stability Council has approved the recommendation and the central bank expects financial market players to adopt the recommendation from October 21, the MNB announced on its website.

Beyond the regulations set in an MNB decree on the subject, the MNB expects, among others, institutions to set up separate units to fully investigate customersʼ complaints, to inform clients of the procedure involved in processing their complaints and to respond to written inquiries in depth and without unnecessary delay.

The financial institutions are also expected to protect related data, while at the same time keeping a register of the complaints, analyzing recurring problems and regularly informing management of such problems.

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