The Hungarian Minister of Economy has submitted a proposal to the local parliament calling for the establishment of an institution of a public ombudsman for the protection of consumers of financial products, reports the Hungarian news agency MTI.
The proposal by Gyorgy Matolcsy calls for the introduction of a public ombudsman to whom consumers could turn regarding all issues related to the protection of consumers of financial products, MTI reported on Thursday evening.
The right to appoint and dismiss this public ombudsman would rest with the Minister of Economy himself, the Hungarian news agency further states, citing a document it has seen.
– The public ombudsman for consumers of financial products will be independent in performing his duties and will not be allowed to seek or receive instructions from the Hungarian government, members of the government, or other public administration bodies – the proposal states.
Prime Minister Viktor Orban hinted in a speech in parliament in mid-September that a new institution of a public ombudsman should be established to protect citizens from ‘abuse of power by financial institutions’ and to successfully address the frequent complaints from citizens regarding financial damages suffered.
