News
Financial Dispute Resolution Centre Limited commences operation
(Hong Kong - 19 June 2012) The Financial Dispute Resolution Centre Limited (FDRC) officially opens today. It provides a one-stop mediation and arbitration service to the financial sector and the community.
FDRC is a non-profit organisation. It administers an independent and impartial Financial Dispute Resolution Scheme (FDRS) to resolve monetary disputes between individual customers and financial institution by way of “mediation first, arbitration next”.
All the financial institutions authorized by the Hong Kong Monetary Authority or licensed by the Securities and Futures Commission, except those providing only credit rating services, are members of FDRS.
FDRS aims to assist consumers of financial services to resolve their monetary disputes with the members of FDRS in a speedy and cost effective way with a maximum claim amount of HK$500,000.
Professor K C Chan, the Secretary of Financial Services and the Treasury said, “Today, the opening of the FDRC marks a step forward of the Government and the financial regulators in enhancing our financial regulatory framework and investor protection. Over the past few years, the Financial Services and the Treasury Bureau, together with the Hong Kong Monetary Authority (HKMA) and the Securities and Futures Commission (SFC), has implemented a series of initiatives to enhance investor protection under a comprehensive strategy.”
Ms Teresa Cheng Yeuk-wah, the Chairman of FDRC, said, “Not only do we enhance consumer protection by providing the public with an affordable dispute resolution channel, but we also assist the financial sector to settle disputes with their customers more effectively.”
“We hope that through our work we will join hands with others to promote mediation and arbitration as alternative dispute resolution methods to the public in Hong Kong. We would like the public to understand more about the benefits of mediation and arbitration, and encourage them to adopt these methods to resolve financial disputes”, Ms Cheng added.
For more information, customers may visit FDRC website www.fdrc.org.hk or call their hotline at 3199 5199 during office hours (9am – 5:30pm, Mon – Fri, except public holidays).
Photo on the right:
Ms Teresa Cheng toasted with Professor K C Chan and other officiating guests at the FDRC Opening Ceremony.
(From left to right:
Ms Julia Leung, Under Secretary for Financial Services and the Treasury,
Mr Ashley Alder, CEO of SFC,
Ms Teresa Cheng, Chairman of FDRC,
Professor K C Chan, Secretary for Financial Services and the Treasury,
Mr Arthur Yuen, Deputy Chief Executive of HKMA and
Ms Sou Chiam, CEO of FDRC)
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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
