Regulatory Alerts2024-07-25
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Complaints Watch Issue No. 24
The Hong Kong Monetary Authority issued the 24th Complaints Watch to share insights on banking complaints and showcase good practices for authorized institutions. The report reveals that total banking complaints decreased by 8% in the first half of 2024, driven by a 45% drop in fraud-related cases despite a 78% surge in account operation complaints. The HKMA has directed retail banks to improve their account review processes to minimize customer dissatisfaction, while the publication also features articles on handling deceased accounts and providing mortgage information.
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