Hungarian Banking System and MiFID - Results of Mystery Shopping Trips

Sale of funds units is regulated by Markets in Financial Instruments Directive in the European Economic Area to increase competition and consumer protection in investment services. Interaction between retail financial advisers and clients were studied by mystery shoppers. The sample included 41 frequented bank offices in the capital and other cities in March-April 2008 and 14 bank offices in the capital in February 2009. Measured level of financial services was fragmented, and was not acceptable according to MiFID standards. Details of investment funds were not clear for financial advisers in the sample, and they did not give the required attention for clients preferences