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PSzÁF fines two pension funds, cites many more

Hungarian financial market regulator PSzÁF said it fined the Budapest national mandatory private pension fund HUF 2 million for not implementing fully its previous resolution and fined the private fund of the railroad workers' voluntary and mandatory private pension fund HUF 200,000 for problems with data discrepancies.

The market watchdog cited another 23 pension and health funds after conducting investigation in the sector.

PSzÁF called upon twelve private pension funds (ING, Honvéd, Generali, Évgyűrűk, Erste, Életút, Dimenzió, Budapest, AXA, Aranykor, AEGON, Allianz) to provide information on membership payments and revoked the operating license of Cseppkő voluntary pension fund as its members left or stopped payments.

Health funds were cited for failure of providing regular data as required or providing proper documents to clients. Deficiencies traced included the lack of custodian contracts or failure to meet deadline for the payment of yields. (MTI – Econews)