The Credit Institutions Act, as amended in December 2009, also introduced new rules for intermediaries. Financial services (in the ordinary sense, credit, mortgage, car and real estate loans) can be performed by dependent intermediaries and independent intermediaries linked to a financial institution. The latter include agents and brokers. After September 30, independent intermediaries can only operate under the permission of the Hungarian Financial Supervisory Authority (Hungarian Financial Supervisory Authority). Obtaining the license is subject to an examination approved by the HFSA.
The prerequisite for taking the exam is a secondary education and the relevant official training is required
The Finance Ministerial Decree on Training was published on 29 April this year. That is, there is little time to prepare. Accordingly, it is likely that few will be able to complete the course by the end of August and take the exam in time. The authorization will certainly take at least one month, so September should be dedicated to that.
The exam includes knowledge of financial markets, general legal knowledge, and the characteristics of retail savings and investment products. According to surveys, few mediators have specialized tertiary qualifications, and others have the year to obtain the necessary certifications. The HFSA maintains a list of the training and examination organizations they have approved. Information can be found on the HFSA website.
Higher education is not a prerequisite
However, but those with specialist knowledge are likely to pass the required exam more easily. Hopefully this will not only be a nominal exam and you can easily play the system or the compliance may be available to everyone. Because then only another bureaucratic step was introduced. The objective of not being an inexperienced credit broker at the same time is not being met. However, the real purpose of this tightening would be. To be truly prepared, competent professionals can help if life brings us down or we want to invest and apply for a loan.
It follows from the above that some credit bureaux are likely to close, if only temporarily, in October 2010. Although it is questionable that, according to good Hungarian custom, only regulation is in place, we do not spend any energy or money on controlling it. Or the extent to which its players follow the rules in this economic segment. It is not yet known what sanctions will be imposed on anyone who, despite the above-mentioned deadline, continues his credit brokerage or deposit collection business without a valid examination.