Regulatory Alerts2017-05-19
Added · Updated
Complaints Watch Issue No. 9
The Hong Kong Monetary Authority issued this report to highlight banking complaint trends from September to December 2016 and clarify regulatory expectations regarding fire insurance for mortgaged properties. The HKMA amended the Code of Banking Practice to require banks and customers to mutually agree on reasonable insured amounts rather than relying on fixed valuation options. Additionally, the regulator reminded banks to strictly adhere to Supervisory Policy Manual IC-4 by maintaining thorough investigation processes and issuing timely written notifications during complaint handling.
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