Hungarian financial market regulator PSZAF on Wednesday said it started operating under new internal rules of organisation and operation that aim to boost efficiency.
The changes will improve PSZAF’s oversight and place a greater emphasis on consumer protection.
PSZAF noted that a leadership change took place at the watchdog in July, the act governing its activities had been amended and new expectations were expressed regarding its work.
Karoly Szasz was named the head of PSZAF at the beginning of July, replacing Adam Farkas, who resigned. Mr Szasz headed PSZAF in 2000-2004.
The work of PSZAF’s chairman is now supported by two deputies, who share auditing and consumer protection duties, PSZAF said. The areas of investigation and law enforcement are separated more clearly than before.
The new structure allows for comprehensive market reviews, the strengthening of on-site audits and the uniform oversight of various market operators such as brokers. Furthermore, PSZAF will play a more active role in drawing up regulations for the financial sector.
With the new structure, consumer protection has been strengthened, with clearer competencies and responsibilities. The authority will take a firmer, more pro-active role in order to ensure more effective consumer protection, the statement said.
PSZAF said it is closely following market developments, giving more emphasis than before to developing a retail financial culture and to informing consumers. One-stop customer service has been established, supporting the accurate and thorough management of customer complaints.