Regulatory Alerts2025-01-24
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Complaints Watch Issue No. 25
The Hong Kong Monetary Authority issued Complaints Watch Issue No. 25 to highlight a 32% year-on-year increase in banking complaints received in the second half of 2024, driven largely by disputes over account operations. The regulator emphasizes that Authorized Institutions must ensure fair treatment of customers when selling debts to third parties and requires banks to handle media inquiries regarding customer complaints with proactive and meticulous practices. Additionally, the document reminds banks to carefully assess gross negligence before holding cardholders liable for unauthorized transactions exceeding the HK$500 threshold under the Code of Banking Practice.
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