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Bank leaders agree on contract changes proposal for code of conduct

The heads of the Hungarian Bank Association approved after a long debate at a meeting on Wednesday a proposal that could become the basis for restrictions on unilateral changes to contracts in a code of conduct, daily Népszabadság reported on Thursday.

The code of conduct was to have been put together by the beginning of September, but differences between banking industry insiders and regulatory bodies make it doubtful the document will be completed by the end of the month, the paper said.

While bank heads agreed with the prime minister in July that the code of conduct should contain restrictions on unilateral changes to contracts, financial market regulator PSZAF aimed to reform the whole retail lending segment with the document. Except the parts related to limiting unilateral changes to contracts, debt collection and to informing clients, PSZAF's proposals have been left out of the bank association's draft of the document, Nepszabadsag said. (MTI-Econews)