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Consumer Corner

One of the key statutory functions of the HKMA is to promote and encourage proper standards of conduct and sound and prudent business practices amongst authorized institutions. In April 2010, the HKMA established a Banking Conduct Department to provide greater focus to its work in this area. The guiding principle adopted by the HKMA is that authorized institutions are encouraged to treat their customers fairly. This is mainly achieved through authorized institutions’ compliance with the recommended practices currently embodied in the Code of Banking Practice (PDF File, 537KB) which was issued by the industry associations and endorsed by the HKMA, and circulars and guidelines issued by the HKMA from time to time.

On 28 October 2013, all the retail banks in Hong Kong signed up to the Treat Customers Fairly Charter (PDF File, 79KB) which demonstrates the industry’s commitment not only to treating customers fairly but fostering a stronger culture towards fair treatment of customers at all levels of banks and at all stages of their relationship with customers.The promotion of a strong corporate culture to ensure fair treatment of customers has been extended to the private wealth management industry: On 8 June 2017, the HKMA and the Private Wealth Management Association (PWMA) jointly announced all PWMA member institutions’ commitment to implement the Treat Customers Fairly Charter for Private Wealth Management Industry (PDF File, 32KB).

If you would like to understand more about the HKMA’s work in relation to strengthening financial consumer protection, please refer to the topical webpage. If you have general questions about banking services, please check out the list of Frequently Asked Questions.

 

Last revision date: 8 June 2017
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