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Home > News > News > The setting up of the Financial Dispute Resolution Centre (FDRC) in Hong Kong is in line with Organisation for Economic Co-operation and Development (OECD) High-level Principles

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The setting up of the Financial Dispute Resolution Centre (FDRC) in Hong Kong is in line with Organisation for Economic Co-operation and Development (OECD) High-level Principles

(Hong Kong - 13 December 2012) Ms. Sou Chiam, FDRC Chief Executive Officer, spoke at the HKMA – SFC - OECD Asian Seminar on the Evolution of Financial Consumer Protection and Education on 13 December 2012. Ms. Chiam said, “The setting up of FDRC is in line with the requirements of Principle 9 of the G20 High-level Principles on Financial Consumer Protection.”

The High-level Principles were developed as a response to the G20 Finance Ministers and Central Bank Governors call in February 2011 to set out common principles on consumer protection in financial services.  The Principles were endorsed by the G20 leaders at the Cannes Summit on 3-4 November 2011.  Complaints handling and redress were covered on Principle 9.

Principle 9 on Complaints Handling and Redress includes:

  • Consumers to have access to adequate complaints handling and redress mechanisms that are accessible, affordable, independent, fair, accountable, timely and efficient.
  • Not to impose unreasonable cost, delays or burdens on consumers.

FDRC’s Guiding Principles of Independence, Impartiality, Accessibility, Efficiency and Transparency are also in line with the requirements of Principle 9.

The Asian Seminar was co-hosted by the Hong Kong Monetary Authority (HKMA), the Securities and Futures Commission of Hong Kong (SFC) and the OECD, with sponsorship from the Government of Japan, focusing on key developments and challenges facing financial consumer protection and education in the Asian region.

The seminar brought together high-level government officials and experts from public authorities, including central banks and regulatory and supervisory authorities, ministries of finance, consumer and investor education bodies, independent dispute resolution centres and financial ombudsmen, representatives from the private sector and universities in Asia.

 

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For media enquiries, please contact:
Ms. Rosa Chak
Communications Manager
Financial Dispute Resolution Centre Limited
Tel: 3199 5155
Fax: 2565 8662
Email: rosa.chak@fdrc.org.hk

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