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PSzÁF, FinMin and bank association agree on code of conduct for banks

Hungary's financial market regulator PSzÁF, the Finance Ministry and the Hungarian Bank Association are close to reaching an agreement on a code of conduct for banks, MTI learnt from people close to the organizations represented at talks.

MTI learnt that there was no real dispute on the basic questions, only on one or two details. The agreement is expected to be finalized in a short time.

MTI learnt the code of conduct establishes the grounds financial institutions -- banks, savings cooperatives, financial companies and leasing companies -- may make unilateral changes to contracts. Financial institutions that fail to keep the standards in the code of conduct can be sanctioned. (MTI – Econews)