What are the benefits of the proceedings of FAB?

FAB is an out-of-court dispute settlement forum, its proceedings are fast; the acting panel sets the date of the hearing within 60 days from the receipt of the complete petition and completes the proceedings within 90 days. The chair of FAB may prolong this deadline on one occasion per case by maximum 30 days at his/her own discretion. The proceedings are free for both the petitioner and the financial service provider, the proceedings of FAB are free of charge, but the incurred costs (if any) are borne by the parties.

All members of FAB are experienced employees of the Magyar Nemzeti Bank and hold a degree in law and passed the bar exam and/or hold a degree in economics, and gained experience in one of the fields of the financial sector and/or in court. All employees perform their work in a professional manner, with the knowledge of and relying on the applicable laws. They are independent and impartial in the specific cases they manage.

It is ensured in the proceedings of FAB that the parties can appear at the hearings in person and present their positions both orally and in writing. The financial service providers affected by the petitions are obliged to cooperate.

The decisions of FAB do not prejudice the consumers' right to bring their case to court. The Act provides the opportunity for legal remedy against FAB's recommendations and binding decisions.

The parties may act in the proceedings at FAB in person or through a proxy. Either of the parties may act, at their discretion, via a proxy. The proxy may be any natural or legal person, as well as entities without legal status. The petitioner may participate at the hearings of the FAB proceedings in person even if he/she wishes to be represented by a proxy.