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Financial market regulator PSzÁF has fined OTP Bank Nyrt HUF 1 million over a consumer complaint-related violation.
PSzÁF said Hungary's largest retail bank breached market regulations when it failed to reply to written complaints by a client in connection with a direct marketing campaign.
The complaints were sent to OTP with regard to a credit account, which the bank had opened without the client's consent.
OTP failed on two occasions to address the complaints and send a reply within the 30- day notice required by law. (Pénzcentrum)