Regulatory Alerts2016-02-24
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Complaints Watch Issue No. 6
The Hong Kong Monetary Authority issued Complaints Watch Issue No. 6 to highlight banking complaint trends from September to December 2015, noting a 10% overall decrease in complaints but significant rises in investment and insurance product disputes. The regulator specifically addressed allegations regarding the mis-selling of RMB FX accumulators, requiring banks to rigorously assess customer hedging needs, concentration risks, and ensure balanced disclosure of downside risks. Additionally, the document emphasized the critical importance of stringent data protection controls to prevent the leakage of customer personal information, citing internal monitoring systems as essential for detecting unauthorized data transmissions.
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HKMA published 11 documents in the last 30 days. We email you each new one the day it's published.