Hong Kong Complaints in 2022 2nd Half: 131 Cases from Mis-selling & Total of 1,797 Complaints
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Hong Kong Complaints in 2022 2nd Half: 131 Cases from Mis-selling & Total of 1,797 Complaints 18th January 2023 | Hong Kong
Hong Kong central bank HKMA (Hong Kong Monetary Authority) Enforcement Division has published the Complaints Watch for 2022 2nd half (July to Dec 2022), with 131 cases from mis-selling and a total of 1,797 complaints. 2022 2H Complaints in Hong Kong: Credit cards (19%, 344 cases), Banking Services (19%, 334 cases), Service Quality (16%, 290 cases), Remittance & Fund Transfer Disputes (15%, 276 cases), Mis-selling (7%, 131 cases), Fees & Charges (6%, 103 cases), Lending (6%, 101 cases), Client agreement issues (4%, 75 cases) and Others (8%, 143 cases). Disclosure Regarding Investment Products: “The HKMA regards proper pre-sale disclosure of the features, risks and other key information of investment products as a fundamental investor protection requirement. While industry practitioners generally understand this principle and have put in place related policies and procedures, the HKMA has noted complaints of inaccurate disclosure by individual sales staff. In one case, bank staff mistakenly advised a customer that two funds were principal-protected and redeemable at par upon maturity. In another case, staff wrongly informed certain customers that structured notes were redeemable on a monthly or daily basis at par plus accrued interest, whereas the AI concerned actually offers secondary-market trading on a monthly and best efforts- only basis. In both cases, the AIs (Authorized Institutions) found the complaints substantiated and resolved matters with the affected customers in a fair and timely manner. To safeguard customers’ interests, AIs should ensure sales staff have sufficient knowledge of and accurately understand the features and risks of investment products and that key product information is disclosed accurately, comprehensively and clearly during the sales process.”
“ Hong Kong Monetary Authority Complaints in 2022 2nd Half: 131 Cases from Mis-selling & Total of 1,797 Complaints “
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HKMA Enforcement Divisions Complaints Watch – Examples of good practices:
Hong Kong, Asia’s leading financial centre HKMA Enforcement Divisions Complaints Watch – Examples of good practices: - A summary of major terms and conditions of each product is prepared in the form of a product note or fact sheet in plain language highlighting the main features, risks and other important information to guide frontline staff in understanding and explaining the product to customers. Frontline staff are provided with sales scripts highlighting the key features, risks and other important information for use during solicitation and order confirmation;
For new products, supervisors confirm that frontline staff understand the product features and risks; and
Regular product training is provided to staff with emphasis on the importance of giving accurate information to customers. Practical observations and examples shared in this article may be incorporated as appropriate.
AIs (Authorized Institutions) are encouraged to make reference to the above practices, and keep their product disclosure arrangements under continuous review to ensure they are comprehensive and effective in protecting customers’ interests. In all circumstances, AIs should exercise due skill, care and diligence and ensure that representations made and information provided by their staff to customers are accurate. Investors are reminded to take time to study product documents, such as the prospectus, investment fund explanatory memorandum and key facts statements, and make sure they fully understand product features and risks before making investment decisions. Investors should not rush into an investment if in any doubt.
Complaints in Hong Kong in 2022 2H:
HKMA Complaints Watch
Complaints Watch is published half-yearly by the Enforcement Divisions of the Hong Kong Monetary Authority (HKMA). It highlights the latest complaint trends, emerging topical issues, and areas that Authorized Institutions (AIs) and members of the public should be alert to. By publishing Complaints Watch, the HKMA aims to promote proper standards of conduct and prudent business practices among AIs and to increase public awareness of information about products and services offered by AIs.
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