Who is a financial service provider?

Who is a financial service provider?

We use the collective term of financial service provider for the financial institutions under the supervision of the Magyar Nemzeti Bank. In everyday life the most typical of these service providers are

• banks
• payment providers
• insurers
• receivables managers
• intermediaries
• funds
• investment firms

The consumer has legal relationship with the service providers, by using the service rendered by the financial service provider (typically by  concluding a contact). The Financial Arbitration Board has competence to proceed in the legal dispute of a consumer if the dispute arises from a legal relationship that exists or was terminated with the financial service provider.

The Board shall not proceed in a legal dispute with any other service provider (e.g. telecommunications, communal service providers), even if a settlement (financial) dispute may have arisen in the specific case.

The relevant legal provision includes a full list of the financial service providers that are subject to the supervision of the Magyar Nemzeti Bank, and therefore proceedings may be initiated at the Financial Arbitration Board in financial consumer legal disputes against them.

Section 39 (1) Unless the Act provides otherwise, within the scope of its duties specified in section 4 paragraph (9), the MNB performs supervision of organisations, persons and activities subject to the following

• the Act on Voluntary Mutual Insurance Funds, 
• the Act on the Magyar Export-import Bank Részvénytársaság and the Magyar Exporthitel Biztosító Részvénytársaság, 
• the Act on Credit Institutions and Financial Enterprises, 
• the Act on home savings and loan associations, 
• the Act on Mortgage Loan Companies and on Mortgage Bonds, 
• the Act on the Services of the Compulsory Health Insurance System, 
• the Act on the Magyar Fejlesztési Bank Részvénytársaság, 
• the Act on Capital markets, 
• the Act on Insurance Institutions and the Insurance Business, 
• the Act on Distance Marketing of Financial Sector Contracts; 
• the Act on occupational pension and the related institutions (hereinafter: Fnytv.), 
• Bszt., 
• the Act on trust companies and collective forms of investment (hereinafter: Kbftv.), 
• the Act on reinsurance (hereinafter: Vbit.), 
• the Act on payment services, and 
• the Act on insurance against civil liability in respect of the use of motor vehicles (hereinafter: Gfbt.), 
• the Act on the Central Credit Information System, 
• the Act on settlement finality in payment and securities settlement systems, 
• the Act on payment providers