Regulatory Alerts2012-05-21
Added · Updated
Licensing Condition in relation to the establishment of the Financial Dispute Resolution Centre Limited (FDRC)
The Hong Kong Monetary Authority issued a licensing condition requiring all authorized institutions to become mandatory members of the Financial Dispute Resolution Scheme administered by the Financial Dispute Resolution Centre Limited. This mandate, effective 19 June 2012, obligates institutions to abide by the Scheme's rules and procedures while maintaining their membership status. The condition was established pursuant to section 16(5) of the Banking Ordinance following consultations with relevant banking advisory committees.
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