Regulatory Alerts2010-09-08
Added · Updated
Representations on the Expiry of Full Deposit Guarantee
The Hong Kong Monetary Authority instructs licensed banks to remove all references to the expiring full deposit guarantee and associated signage by the end of 2010. Institutions are required to update their advertising and internal procedures to prevent misrepresentation of deposit protection status, which could otherwise expose them to legal and reputational risks. Banks are further encouraged to notify customers that the Deposit Protection Scheme coverage will increase from HK$100,000 to HK$500,000 effective 1 January 2011.
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