Regulatory Alerts2002-05-30
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Rising number of customer complaints received by the HKMA
The Hong Kong Monetary Authority issued this circular to address the unprecedented surge in customer complaints against authorized institutions, which reached 479 in the first quarter of 2002. The regulator mandates that institutions strictly adhere to the Code of Banking Practice, ensure fair and transparent complaint handling, and implement robust oversight of debt collection agents to prevent misconduct. Additionally, all authorized institutions are required to submit quarterly reports on complaints involving their debt collection agents within two weeks of each quarter's end.
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