Hungarian Banking System and MiFID - Results of Mystery Shopping Trips

Kiss, Gábor Dávid; Felegyi, Krisztina; Farkas, Gergely

doi:10.2139/ssrn.1372813

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Hungarian Banking System and MiFID - Results of Mystery Shopping Trips

5th Annual International Bata Conference for Ph.D. Students and Young Researchers, April 2, 2009

10 Pages Posted: 4 Apr 2009 Last revised: 6 Apr 2009

See all articles by Gábor Dávid Kiss

Gábor Dávid Kiss

University of Szeged - Faculty of Economics and Business Administration

Gergely Farkas

University of Szeged

Date Written: April 3, 2009

Abstract

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.

Keywords: customer satisfaction, MiFID, mystery shopping, retail financial advisers

JEL Classification: G21, M53, M0

Suggested Citation: Suggested Citation

Kiss, Gábor Dávid and Felegyi, Krisztina and Farkas, Gergely, Hungarian Banking System and MiFID - Results of Mystery Shopping Trips (April 3, 2009). 5th Annual International Bata Conference for Ph.D. Students and Young Researchers, April 2, 2009, Available at SSRN: https://ssrn.com/abstract=1372813 or http://dx.doi.org/10.2139/ssrn.1372813