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PSzÁF fines Raiffeisen Bank HUF 1 million

Hungary's financial-market regulator PSzÁF fined Raiffeisen Bank HUF 1 million for providing a client with misleading information, PSzÁF announced on Wednesday.

PSzÁF said that Raiffeisen Bank mistakenly imposed a higher interest rate on a loan granted to a client than that shown in the relevant contract, then failed to adjust the interest rate even after recognizing the error.

Raiffeisen Bank stated in the course of PSzÁF's investigation of the case that the loan contract had incorrectly stipulated the amount of interest paid on foreign-currency-denominated credit, not the state interest-supported credit that the client had received.

When deciding on the size of the fine, PSzÁF took into account that the bank acknowledge the mistake in the course of the consumer protection procedure and credited the full difference onto the client's bank account. (MTI-ECONEWS)