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Arbitration in domestic financial cases

The Financial Arbitration Board was set up on 1st of July 2011, in the interest of providing a forum to reach an out-of-court settlement of disputes (financial consumer disputes) between Hungarian consumers and Hungarian financial servises providers (e.g.: banks, insurance companies, funds, investment service providers).

The consumers can turn to the Board – the procedure of which is based on the V. Chapter of the Act CLVIII of 2010 on the Hungarian Financial Supervisory Authority– after the 1st of July, 2011. Concerning the procedures initiated before this date the Act on the consumer protection shall be applied to. The Financial Arbitration Board (1013 Budapest, Krisztina krt. 39.; Telefon: +361-489-9100; E-mail: pbt@pszaf.hu) has competence covering the whole country.

The general procedures of alternative dispute resolution also applies to financial arbitration procedure. More information about the procedure – in Hungarian – can be found on http://www.pszaf.hu/pbt/bal_menu/a_pbt_mukodese.

 

 
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This website is part of the action 670686 — ECC-Net HU FPA which has received funding under a grant for an ECC action from the European Union’s Consumer Programme (2014-2020).

The European Consumer Centre Hungary is committed to publish professional, accurate and up-to-date information on its website. Nevertheless it shall be underlined that the content and information appearing on the website represents the views of the author only and it is his/her sole responsibility; it cannot be considered to reflect the views of the European Commission and/or the Consumers, Health, Agriculture and Food Executive Agency or any other body of the European Union. The European Commission and the Agency do not accept any responsibility for use that may be made of the information it contains. Furthermore the content of the website do not have a legally binding effect in the frame of administrative procedures conducted by the consumer protection authority or by other public bodies and in the alternative dispute procedures or in civil procedures, either.