Regulatory Alerts2022-02-17
Added · Updated
Complaints Watch Issue No. 19
The Hong Kong Monetary Authority issued Complaints Watch Issue No. 19 to highlight 2021 complaint trends and provide guidance on consumer protection for Authorized Institutions. The document mandates enhanced vigilance for vulnerable customers using digital banking channels and stresses the necessity of rigorous suitability assessments and accurate tax advice when selling Qualifying Deferred Annuity Policies. It further recommends implementing post-transaction verification callbacks, real-time transaction notifications, and proactive engagement with the Financial Dispute Resolution Centre to mitigate risks and resolve monetary disputes.
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