Hungary’s financial and banking supervision PSzAF is reportedly conducting an in-depth probe at 500 banks nationwide after consumers complained they felt that their interests were not sufficiently represented at these institutions.

Banks are said to have misled the public with false advertising and speculative measures, especially in the areas of passing on a new bank tax to consumers, retail loans, interests and banking fees. PSzAF is continuously informing the population of the latests developments via paid awareness campaigns, the media and its public Internet website (www.pszaf.hu).

Once investigations are completed finals results will reportedly be announced on December 31, 2010.

The Hungarian Competition Authority (GVH) on Wednesday fined L’Oreal Hungary for HUF 5 million for unfounded marketing claims in advertisements of several products including Vichy Liftactiv CxP, Revitalift and Vichy Cellu Metric.

The cosmetics giant said it is examining the possibilities to appeal against the decision in court. GVH officials added that tests concerning the products’ overall quality or safety were not conducted.