Magyar Nemzeti Bank has already drawn attention to the fact that the interests of Hungarian clients will be served if Revolut Bank acts as a subsidiary bank, carrying out its activities at its headquarters in Hungary, with the power of capital, under the supervision of the Central Bank, he said. in his statement.
Revolut Bank continues to operate as a cross-border service provider in Hungary, and MNB has warned clients several times about its risks. In accordance with European Union legislation, the precautionary supervision and consumer protection of the company is carried out by the Lithuanian authority where the bank is headquartered.
Magyar Nemzeti Bank, as the supervisory body of the host country, can act only on a limited scale in order to protect the consumer: in the interest of the customer or in cases that violate the public interest, it can, in the first place, initiate action with the Lithuanian supervisory authority.
The protection of depositors is also guaranteed by the Lithuanian (not Hungarian) deposit insurance system, so in the event of a settlement, consumer insurance or deposit problem, the affected domestic consumers can seek legal redress only in their own cases in Lithuania .
MNB supports fintech innovations that enable simpler and cheaper financial services, but only if they ensure financial stability and customer safety. According to the Central Bank, before entering into a contract, it is worth obtaining information and comparing the content and costs of services, for example, with traditional banks in Hungary. For the sake of calculation, it is useful to pre-determine the need for a specific service.
