Regulatory Alerts2018-11-23
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Complaints Watch Issue No. 12
The Hong Kong Monetary Authority issued Complaints Watch Issue No. 12 to highlight complaint trends from April to September 2018 and address specific operational risks for banks. The regulator requires financial institutions to clarify joint account terms and ensure suitability assessments are correctly applied based on signatory arrangements to prevent investment disputes. Additionally, banks are urged to enhance operational procedures and staff training for handling credit and debit card double-charge complaints to ensure prompt and accurate resolution of chargeback requests.
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