The Hungarian Financial Supervisory Authority is the independent constitutional body that is responsible for the supervision, control and regulation of the financial intermediary system of the Republic of Hungary.
The fundamental mission of the Supervisory Authority is as follows:
- to ensure, and when necessary, to enforce the solid, transparent and efficient operation of the financial intermediary system, as well as the prudent activities of the persons and organizations being part of it,
- to create stable and orderly operating financial markets, as well as secure and competitive development frameworks, whichare compliant with thelaws of the European Union, through its decrees and other regulatory proposals,
- to identify and efficiently prevent the risks jeopardizing the individual financial institutions and sectors, through its preventive measures, as well as to reduce or eliminate the already existing risks,
- to protect the rights and interests of the customers who use the services provided by the financial institutions in a consistent and proactive manner, to establish a forum for consumer dispute-settlement, and to increase consumers’ financial awareness,
- to strengthen public trust in the financial intermediary system,
- with a view to facilitate European-level financial supervision, as a member of the European System of Financial Supervisors, to stand for Hungarian interests and to cooperate with the European and other supervisory authorities.
The Code of Conduct
The Code of conduct on the principles of fair conduct by financial organizations engaged in retail lending (hereinafter referred to as: Code) came into force on 1st January 2010.
The institutions joined the Code shall fully comply with the principles of the Code during their activities of retail lending and leasing.