Regulatory Alerts2024-11-08
Added · Updated
Cooling-off Period for Unsecured Consumer Credit Products
The Hong Kong Monetary Authority mandates that retail banks provide individual customers with a minimum seven-day cooling-off period for all unsecured consumer credit products. During this period, customers may repay loans in full without fees or penalties, and banks must ensure accessible channels and clear disclosure of these rights. Institutions must comply with these requirements by the end of June 2025 to promote responsible borrowing and reduce impulsive debt.