Caroline Bishop
Jan 25, 2025 12:13
The Hong Kong Financial Authority’s newest Complaints Watch reveals a 32% rise in banking complaints in 2024, pushed by elevated account monitoring and intelligence sharing.
The Hong Kong Financial Authority (HKMA) has launched its newest version of Complaints Watch, Difficulty No. 25, highlighting notable developments in banking complaints and rising points throughout the sector. This semi-annual publication goals to advertise correct requirements of conduct and prudent enterprise practices amongst Approved Establishments (AIs), in response to the Hong Kong Financial Authority.
Important Enhance in Banking Complaints
Within the second half of 2024, HKMA recorded 2,039 banking complaints, marking a 32% enhance in comparison with the identical interval in 2023. A significant contributor to this rise was the surge in complaints associated to banking account operations, which noticed a 64% enhance, reaching 640 circumstances within the latter half of the 12 months. This spike is attributed to enhanced account opinions and monitoring by banks, facilitated by improved intelligence sharing between regulation enforcement and monetary establishments.
Concentrate on Fraud Prevention and Buyer Communication
Because the panorama of economic fraud continues to evolve, HKMA emphasizes the significance of public-private collaboration in combating fraudulent actions. The authority has urged banks to boost buyer communication efforts to attenuate inconvenience throughout this heightened monitoring part. This initiative displays HKMA’s dedication to sustaining a safe and environment friendly banking atmosphere for shoppers.
Featured Articles Addressing Essential Points
The newest Complaints Watch subject consists of three function articles: “Dealing with Media Enquiries on Buyer Complaints,” “Debt Assortment Actions Performed by Purchasers of Financial institution Money owed,” and “Legal responsibility for Unauthorised Transactions with Misplaced Credit score Card.” These articles present insights into urgent points confronted by the banking sector and supply steerage on finest practices for dealing with them.
The entire publication of Complaints Watch is obtainable on the HKMA web site, providing detailed insights and suggestions for AIs to navigate the complicated banking panorama successfully.
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