Regulatory Alerts2014-09-17
Added · Updated
Complaints Watch Issue No. 2
The Hong Kong Monetary Authority's Complaints Processing Centre issued this report covering complaint trends from May to August 2014, noting a 30-case increase to 448 received cases. The document highlights specific regulatory concerns regarding merchant name displays on UnionPay statements, resumed debt collection after long periods of inactivity, and the closure of foreign exchange margin trading accounts. It advises banks to ensure compliance with the Code of Banking Practice, exercise reasonableness in debt recovery, and treat customers fairly when terminating services or amending terms.
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