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: email@example.com) 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.