HKMA Releases Complaints Watch Issue No. 24 Highlighting Banking Trends
Iris Coleman Jul 25, 2024 04:52
The Hong Kong Monetary Authority (HKMA) has published Complaints Watch Issue No. 24, detailing notable trends in banking complaints and emerging issues.
The Hong Kong Monetary Authority (HKMA) has released the latest edition of its semi-annual publication, Complaints Watch Issue No. 24, according to the official press release. This issue highlights significant trends in banking complaints, emerging issues, and areas requiring vigilance from Authorized Institutions (AIs).
Trends in Banking Complaints
In the first half of 2024, the HKMA received 1,425 banking complaints, marking an 8% decline compared to the same period in the previous year. Notably, fraud-related banking complaints saw a substantial reduction, dropping by 45% to 350 cases. Conversely, complaints regarding the operation of banking accounts surged by 78% to 390 cases. These complaints were primarily due to account reviews conducted by a few retail banks, which led to requests for additional information and documents from account holders. The HKMA has engaged with these institutions to enhance their processes and mitigate customer dissatisfaction.
Featured Articles
This edition of Complaints Watch includes two feature articles: “Handling Enquiries about Deceased Accounts” and “Providing Mortgage Related Information in Property Transactions.” These articles aim to provide guidance on managing specific banking scenarios effectively.
Publication Aims and Availability
Complaints Watch serves as a tool to promote proper standards of conduct and prudent business practices among AIs. The publication is available on the HKMA website, offering insights into the latest trends and issues in the banking sector.
For more detailed information, the full Complaints Watch Issue No. 24 can be accessed on the HKMA website.
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