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Financial reconciliation body reviews first complaints - newspaper

Hungary's Financial Reconciliation Body established to work alongside the Hungarian Financial Supervisory Authority (PSzÁF) has received about 300 consumer complaints since it was set up in early July, the business daily Világgazdaság reported on Tuesday.

PSzÁF spokesman István Binder told the newspaper that the body had been able to close some of the cases.  Binder said that most of the complaints have to do with banks and insurance companies, noting that the body had to reject about one-quarter of grievances because they did not concern financial services or the costumer did not attempt a direct resolution of the issue at hand.

The body will make a non-binding recommendation if the service provider refuses cooperation, and will publish it if the service provider affected does not make steps in line with the recommendation within six months.

Parliament established the body in order to resolve disputes between consumers and financial institutions in 2010.