Full text of the paper:
Collected Papers of the Faculty of Law, University of Novi Sad
2019, vol. LIII, No. 4, pp. 1429–1441
Language of the paper: English
Overview paper
udk: 366.5:366.1.07(439)
doi: 10.5937/zrpfns53-23212
Authors:
Zoltán Nagy, Ph. D., Full Professor
University of Miskolc
Faculty of Law
jogdrnz@uni-miskolc.hu
Szilvia Somsák, Undergraduate Student
University of Miskolc
Faculty of Law
somsakszilvi0201@gmail.com
Abstract:
The study deals with the legal questions of Hungarian consumer protection. The purpose of the paper is to reflect on nowadays issues of financial consumer protection and to demonstrate how does it affect everyday life. A malfunctioning monetary intercessory scheme is likely to give a rise to major imbalance in the structure of economy; therefore, consumers lose their persuasion in the reliability of financial institutions. Concerning the definition of consumer, the authors call out the contentious fields of the whole area of law while sketching some solutions of the Hungarian regulation. It is inevitable to be aware that without the services of financial institutions, the economic development is unimaginable. That is the reason why financial consumers have to face with injustices in most cases, concerning the monetary sector. The study puts injustice great emphasis on the consumer protectionist role and on the tools of the supervision, underlining the newly regulated macroprudential instruments. Based on experience, there is a need for softening the regulation of financial consumer protection, as long as it is an important, not just an individual-related question. There are different solutions for defending the rights of consumers, including the tool system of the financial supervision, the alternative dispute settlement conducted by the Financial Arbitration Board and the office of the financial ombudsman.
Keywords:
consumer, financial consumer protection, alternative dispute resolution, supervision, macroprudential instruments.