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Welcome to the website of the Financial Arbitration Board
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Welcome to the website of the Financial Arbitration Board

Rules applied to the FAB

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The Board currently performs the tasks allocated to it by the rules stipulated in the MNB Act and in accordance with the operating principles complying with Commission Recommendation No. 98/257/EC.

1. Independence

The Board is an independent organisation – which cannot be instructed – operating within the organisational framework of the Magyar Nemzeti Bank, the independence of which applies not only to the Board, but also to its chair and members. The chair of the Board is appointed for 6 years, whose mandate may be terminated in the cases stipulated in the MNB Act. – Articles 96(2), 97(2), 100(1), (2), (4) and 101(4) of the MNB Act.

2. Transparency

The Board provides information upon request and without request on its activity and the rules applicable to its operation on its website (www.mnb.hu/bekeltetes; www.penzugyibekeltetotestulet.hu ), on a continuous basis and in its annual reports. – Articles 99 (3) and 115 (5) of the MNB Act 

3. Adversary procedure

In the proceedings the parties are provided with the opportunity to appear at the hearings in person and present their viewpoint both orally and in writing, while financial service providers affected by petitions are obliged to cooperate. – Article 108 of the MNB Act 

4. Efficiency

The procedure is fast; the date of the hearing is set within 75 days from the receipt of the complete petition and the procedure is concluded within 90 days. This deadline may be prolonged by the chair on one occasion per case by maximum 30 days. The procedure is free for both the petitioner and the financial service provider, but the incurred costs (related to travel, mailing, etc.) are borne by the parties. – Articles 106 (3) and 112 (5) of the MNB Act 

5. Legality

All members of the Board 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. The members are independent and unbiased in the specific cases managed by them. – Articles 97 (1), (3) and 98 (4)-(7) of the MNB Act

6. Liberty

The decisions passed do not prejudice the right of the consumers to go to court, as the law provides for seeking remedy at the court against the recommendation and binding resolutions of the Board. – Articles 116 –117 of the MNB Act

7. Possibility of representation

Petitioners can participate in the proceedings of the Board in person without a proxy or via a proxy. The proxy may be any natural or legal person, as well as entities without legal status. The petitioner may participate in the procedure at the hearings in person even if he is represented by a proxy. Financial service providers are represented by their authorised representatives, who may be the employees of the organisation or lawyers with permanent or ad hoc power of attorney. – Article 110 of the MNB Act

Relevant legislation: 

https://www.mnb.hu/en/supervision/regulation/legislation

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