What is a cross-border financial consumer dispute?Print
A cross-border financial consumer dispute may be classified into groups, depending on where the residence of the consumer in relation to the use of the financial service. The first group includes those whose permanent or temporary residence is in Hungary, but the seat, site, registered office of the entity providing the service is in another state party to the treaty on the European Economic Area (hereinafter: EEA member state). For example, if someone lives habitually in Hungary, but as a temporary arrangement he or she works in another EEA member state and a legal dispute concerning bank account maintenance, use of a bank card, etc. arises in that country. The other group is constituted by those whose permanent or temporary place of residence is in another EEA state but the financial service provider is established in Hungary. For example, a German owner of the holiday house has a legal dispute with his Hungarian insurer owing to the damage caused to his holiday house.