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PSzÁF fines HSBC Credit for breaking code of conduct

Hungarian financial market regulator PSzÁF said it fined HSBC Credit HUF 3 million for breaking a code of conduct recently adopted by almost all commercial lenders in Hungary.

In reminders sent to borrowers behind on payments, HSBC Credit failed to list the remaining principal and interest on their loans separately, as stipulated in the code of conduct, thus obscuring clients' growing interest burden. HBSC Credit also failed to inform clients of the full scale of legal consequences regarding their loans, PSzÁF said.

HSBC Credit must take corrective measures and report these to PSzÁF by October 31. (MTI – Econews)