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Financial customer protection

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Financial customer protection

As specified in its Statute, the Magyar Nemzeti Bank’s key function is to create a conscious consumer society, to mitigate the risks and damages arising from incorrect consumer decisions, thereby improving Hungary’s financial culture. To that end, the MNB has created a unified information system, and a nationwide network of advisory offices while pursuing a complicated set of activities.

Created to provide consumer protection information, useful in everyday life, in an effective, easy-to-understand manner, the copyrighted set of instruments, named Pénzügyi Navigátor (Financial Navigator) is comprised of an informative booklet series, one-minute, short and longer educational video clips, a website, search fields facilitating product choice, comparative and mobile applications. The informative materials discuss current topics related to financial products, services, compiled on the basis of real-life situations, and give reactions to market developments of great public interest.

Administration in person, complaint management

Complaints of financial nature must be submitted to the service provider first. Consumer petitions may be sent to the Magyar Nemzeti Bank in the event

  • that no reply is received to the complaint submitted to the financial institution within 30 days, and if the complaint is related to payment service and the service provider fails to send a full or a temporary reply
    • within 15 business days after the complaint was submitted and
    • no final reply is received within 35 business days to the complaint,
  • the financial service provider sends no reply to the complaint at all,
  •  the reply is not relevant or complete and the institution did not manage or investigate the complaint in a consistent manner with legislative regulations
  • based on the financial service provider’s reply other unlawful activity can be assumed (e.g. pursued unlicensed activities).

The petition can be submitted in person, at the Magyar Nemzeti Bank’s customer service office in Budapest (1013 Budapest, Krisztina krt. 39.), or by post (1534 Budapest, BKKP Postafiók: 777.). The documents, proving an attempted settlement of the complaint by the financial service provider, should also be attached.

Our colleagues at the MNB’s Customer Service do not only offer assistance in managing complaints: they can be consulted should you have any questions or problems related to finance.

Opening hours:

Monday: 8 a.m. - 12 a.m.; 1 p.m. - 5 p.m.
Tuesday: 8 a.m. - 12 a.m.; 1 p.m. - 5 p.m.
Wednesday: 10 a.m. - 12 a.m.; 1 p.m. - 5 p.m.
Thursday: 8 a.m. - 12 a.m.; 1 p.m. - 5 p.m.
Friday: 8 a.m. - 12 a.m.; 1 p.m. - 2 p.m.

Toll free: +36 (80) 203-776

Financial Navigator Advisory Office Network

Independent of national, financial service providers, the Pénzügyi Navigátor Advisory Office Network was established by the MNB. Personal administration is possible in its branch offices in rural cities. The employees at the Network provide detailed information about the features of services, the advantages and risks of different financial plans in free counselling sessions, and they interpret individual contracts. They also help with the wording of official documents, petitions and show how to submit them and they refer customers with complaints to the relevant forums.

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