Regulatory Alerts2014-05-09
Added · Updated
Complaints Watch Issue No. 1
The Hong Kong Monetary Authority issued Complaints Watch Issue No. 1 to highlight complaint trends and require banks to enhance disclosure and suitability assessments for insurance products. The report identifies that policyholders frequently allege misleading information regarding projected dividends, early surrender penalties, and premium payment terms. Additionally, the HKMA implemented a revised complaints handling workflow to expedite resolutions while mandating continued compliance with Supervisory Policy Manual IC-4.
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