Regulatory Alerts2023-01-18
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Hong Kong Monetary Authority Complaints Watch Issue No. 21
The Hong Kong Monetary Authority issued Complaints Watch Issue No. 21 to highlight banking complaint trends and enforce proper conduct standards among Authorized Institutions. The report mandates enhanced fraud prevention and customer education measures to address a 19% rise in credit card complaints linked to online shopping scams and phishing. It further requires banks to ensure accurate pre-sale disclosure of investment product risks and provides guidance on empathetic complaint handling procedures.
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