Regulatory Alerts2018-05-16
Added · Updated
Complaints Watch Issue No. 11
The Hong Kong Monetary Authority issued Complaints Watch Issue No. 11 to highlight complaint trends and regulatory expectations for banks between October 2017 and March 2018. The document warns banks to monitor frequent investment fund trading as a potential indicator of mis-selling and mandates clear disclosure of annuity insurance product features, risks, and non-guaranteed returns. It requires banks to enhance staff training, review incentive schemes, and utilize Key Facts Statements to ensure customers fully understand long-term commitments and associated costs.
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