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PSzÁF collected HUF 88 mln in consumer-protection fines in 2010

Hungarian financial market regulator PSzÁF on Friday said it collected HUF 88 million of fines imposed for violation of consumer-protection regulations in 2010.

PSzÁF imposed the largest amount of fines on insurance companies for complaint management infringements.

PSzÁF Executive Director Máté Siklósi noted the regulator can fine companies up to HUF 100 million. When investigating consumer protection, PSzÁF focuses on the fairness of company information for clients, how complaints are managed, how insurance-claim deadlines are handled and how letters on insurance contracts are sent out. PSzÁF also investigates complaint fees, final payments and misleading information.