Abstract We deal in detail with the question of existence, uniqueness and asymptotic behaviour of solutions to a parabolic equation with hysteresis and convection. This equation is part of a model system which describes the magnetohydrodynamic (MHD) flow of a conducting fluid between two ferromagnetic plates. The result of this paper complements the content of a previous paper of the first author, where existence of the solution has been proved under fairly general assumptions on the hysteresis operator and the uniqueness was only obtained for a restricted class of hysteresis operators.