Key Information

inSight
Speeches
Speeches by Speaker
Norman T.L. Chan
Peter Pang
Eddie Yue
Arthur Yuen
Zeti Akhtar Aziz
Raymond Li
Edmond Lau
Esmond Lee
Meena Datwani
Vincent W.S. Lee
James Lau
Joseph Yam
Y K Choi
William Ryback
David Carse
Tony Latter
Andrew Sheng
Hans Genberg
Simon Topping
Michael Taylor
The Honourable Donald Tsang
Chen Yuan
Dai Xianglong
Don Brash
Jaime Caruana
Andrew Crockett
Mario Draghi
David Eldon
Stanley Fischer
Timothy F. Geithner
Stephen Grenville
Kenneth G. Lay
William McDonough
Ernest Patrikis
Glenn Stevens
Jean-Claude Trichet
Tarisa Watanagase
Zeti Akhtar Aziz
Carmen Chu
Alan Au
Press Releases
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
Press Releases by Category
Bogus Voice Message Phone Calls
Banking in Hong Kong
Fraudulent Websites, E-mails and Telephone System, and other fraud cases
Granting of Banking Licences
Exchange Fund
Table of Multiples of Notes and Payments for Allotted Amount under non-competitive tender
Table of Multiples of Notes and Payments of Application Amount under non-competitive tender
Tender of Exchange Fund Bills and Notes
Tender Results of Exchange Fund Bills and Notes
Tentative Issuance Schedule for Exchange Fund Bills and Notes
Appointments and Departures
HKMA Pay Review
HKMA Publications
Speeches
The Hong Kong Mortgage Corporation
Hong Kong Note Printing Limited
Hong Kong Institute for Monetary Research
Exchange Fund Investment Limited
Others
Hong Kong Financial Infrastructure
International Relations
Investment Products Related to Lehman Brothers
Monetary Policy
Notes and Coins
Renminbi business
Credit Card Lending Survey
Monetary Statistics
Residential Mortgage Survey
Year 2000
Others
Guidelines and Circulars
Guidelines
Circulars
2015
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
515.5995

Press Releases

First Annual Self-Assessment on Compliance with the Code of Banking Practice

The Hong Kong Monetary Authority (HKMA) announced today (Thursday) the results of the first annual self-assessment on authorized institutions' (AIs) compliance with the Code of Banking Practice. The assessment covered the first six months of the revised Code's operation since it was launched on 1 December 2001.

This is the first annual self-assessment conducted by all AIs on their compliance with the Code of Banking Practice. The new self-assessment framework has been introduced as part of the HKMA's role in monitoring AIs' compliance with the Code. The self-assessment requires the internal auditors of AIs or other equivalent units to independently review the AIs' compliance with the requirements under individual sections of the Code. Where non-compliant areas1 are identified, AIs are required to provide details of the remedial actions they plan to take, or have already taken, to rectify the situation.

The self-assessment was completed by 190 AIs and covered 186 provisions of the Code. 63% of AIs reported full compliance, 27% of AIs reported 5 or fewer instances of non-compliance and 10% of AIs reported over 5 instances of non-compliance. The reported cases of non-compliance mainly relate to the requirements in Chapter 1 and 2 of the Code such as the need to highlight fees and charges in the terms and conditions, to provide sufficient notice to customers before variations in fees and charges take place and to provide customers general descriptive information about operation of accounts. "The progress of the industry towards full compliance seems to be generally satisfactory, with 90% of institutions reporting full, or almost full, compliance with the Code. Moreover, since submitting the self-assessment reports, most AIs have already remedied the non-compliant areas identified or have set a target date to do so," said Mr David Carse, Deputy Chief Executive of the HKMA.

Mr Carse added that "any remaining non-compliance with the Code should be taken seriously by institutions. The HKMA will continue to follow up with the institutions concerned to ensure that they rectify the areas of non-compliance as soon as possible."

For further enquiries, please contact:

Jasmin Fung, Manager (Press), at 2878 8246 or
Sylvia Yip, Manager (Press), at 2878 1687

Hong Kong Monetary Authority
28 November 2002

First Annual Self-Assessment on Compliance with
the Code of Banking Practice

Overall state of compliance by the banking industry

Instances of non-compliance No. of AIs
Total Licensed Banks Restricted Licence Banks Deposit-taking Companies
0
(i.e. full compliance)
119 64 30 25
1 - 5 51 33 7 11
6 - 10 16 10 4 2
> 10 4 4 0 0
TOTAL 190 111 41 38
  1. To achieve compliance, AIs should satisfy two requirements in respect of each section of the Code. AIs should have (i) documents/information which comply with the section; and (ii) effective procedures in place to ensure compliance with the section. An instance of non-compliance refers to an AI's failure to comply with either one or both requirements in respect of each section of the Code.
Last revision date: 1 August 2011
ABOUT THE HKMA
The HKMA
Tender Invitations
Careers@HKMA
Legislative Council Issues
Links
The HKMA Information Centre
KEY FUNCTIONS
Monetary Stability
Banking Stability
International Financial Centre
Exchange Fund
PUBLICATIONS & RESEARCH
Annual Report
Half-Yearly Monetary & Financial Stability Report
Quarterly Bulletin
HKMA Background Briefs
Reference Materials
Research
MARKET DATA & STATISTICS
CMU Bond Price Bulletin
Economic & Financial Data for Hong Kong
Monthly Statistical Bulletin
Monetary Statistics
KEY INFORMATION
Press Releases
Speeches
Guidelines & Circulars
Forthcoming Events
inSight
OTHER INFORMATION
Information in Other Languages (Bahasa Indonesia, हिन्दी, नेपाली, ਪੰਜਾਬੀ, Tagalog, ไทย, اردو)
Account Opening
Consumer Corner
Consumer Education Programme
Complaints about Banks
Complaints about SVF Licensees
Internet Banking
Fraudulent Bank Websites, Phishing E-mails and Similar Scams
Be Careful of Bogus Phone Calls and SMS Messages
Authenticate the Callers and Bank Hotline Numbers
Register of AIs & LROs
Register of Securities Staff of AIs
Register of SVF Licensees
Investment Products Related to Lehman Brothers
Photo Gallery