Financial reconciliation body reviews first complaints - newspaper
Hungary's Financial Reconciliation Body established to work alongside the Hungarian Financial Supervisory Authority (PSzÁF) has received about 300 consumer complaints since it was set up in early July, the business daily Világgazdaság reported on Tuesday.
PSzÁF spokesman István Binder told the newspaper that the body had been able to close some of the cases. Binder said that most of the complaints have to do with banks and insurance companies, noting that the body had to reject about one-quarter of grievances because they did not concern financial services or the costumer did not attempt a direct resolution of the issue at hand.
The body will make a non-binding recommendation if the service provider refuses cooperation, and will publish it if the service provider affected does not make steps in line with the recommendation within six months.
Parliament established the body in order to resolve disputes between consumers and financial institutions in 2010.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.