Regulatory Alerts2022-12-20
Added · Updated
Key Observations and Sound Practices on Consumer Protection in respect of Digital Platforms for the Application of Credit Products
The Hong Kong Monetary Authority issues guidance to authorized institutions for designing digital platforms for unsecured personal loans and credit cards, requiring adherence to the Treat Customers Fairly Charter and the Code of Banking Practice. The document mandates prominent disclosure of Key Facts Statements and Terms and Conditions, ensuring customers must actively scroll and confirm understanding before proceeding with applications. It further requires clear presentation of specific loan details, responsible borrowing reminders, and effective digital interface designs that accommodate various device screen sizes.