What is a financial consumer dispute?

The competence and jurisdiction of the Financial Arbitration Board includes the out-of-court settlement of disputed matters related to the establishment and fulfilment of legal relationship (financial consumer dispute), applying to the use of service, between one or more consumers and a person or entity subject to the laws specified in Section 39 of Act CXXXIX of 2013 on the Magyar Nemzeti Bank. In essence, the Financial Arbitration Board attempts to negotiate an agreement between the parties. If this effort is not successful, the board makes a decision in order to enforce consumer rights in a simple, fast, efficient and cost-effective manner.