What is FIN-NET?

FIN-Net is a system operating in the European Economic Area (which includes member states of the European Union, as well as Iceland, Liechtenstein and Norway), functioning as an alternative dispute settlement network for cross-border disputes between consumers and financial service providers. Its name comes from the abbreviation of its English name (Financial Dispute Resolution Network: FIN-Net). The network of FIN-Net was established in 2001 by the decision of the European Commission. The development of FIN-Net was justified by the recognition of the fact that more and more consumers are using financial services in countries outside their country of residence, therefore the expansion of the scope of financial services also causes an increase in the number of consumer disputes. FIN-Net helps consumers resolve their disputes with a financial service provider – such as bank, insurer, investment firm, etc. – operating in a different member state, relying on the alternative dispute resolution forum of the given country. In Hungary from 1 July 2011 the Financial Arbitration Board has fulfilled the tasks defined in the deed of the foundation of FIN-Net. For that purpose, the Magyar Nemzeti Bank provides the financial coverage necessary for the fulfilment of the tasks of the arbitration board related to the participation in FIN-Net.