The new Hungarian financial conciliatory body

Dr Gárdos Péter, Gárdos Füredi Mosonyi Tomori, International Law Office, Hungary.

Introduction

The new Act of the Hungarian Financial Supervisory Authority (HFSA) introduced a new conciliatory body for the out-of-court settlement of consumer disputes: the Financial Conciliatory Board (FCB). The FCB started its activity on 1 July 2011. As of 1 March 2012 the FCB has delivered more than 900 decisions. After briefly introducing the purpose and the procedure of the FCB, this article focuses on the competence of the FCB, and whether the FCB’s decision has binding force.