News
Enhancing Financial Consumer Protection In The Banking Sector
(Hong Kong - 18 January 2013) Ms. Meena Datwani, a Director of the Financial Dispute Resolution Centre Limited (FDRC), has devoted herself to strengthening measures for financial consumer protection in the banking industry in Hong Kong. The setting up of the FDRC is one of the measures to enhance financial consumer protection as it provides financial consumers with an independent and affordable avenue for resolving monetary disputes with financial institutions through mediation and arbitration. Serving as a Director of FDRC, Ms. Datwani actively supports FDRC in promoting its financial dispute resolution services to banks and the wider community.
In her capacity as the Executive Director of Banking Conduct at the Hong Kong Monetary Authority (HKMA), Ms. Datwani introduced new measures to promote the transparency of investment products, enhance suitability assessment for customer and strengthen the control of the selling process. As part of HKMA’s effort to promote financial education, she rolled out a special webpage in the HKMA website to provide important information on local banking consumer issues. She is also developing an enhanced competency framework for private wealth management practitioners . She promoted the Deposit Protection Scheme which was launched in September 2006 in order to protect depositors and prevent bank runs which were damaging to confidence in the banks.
“Apart from setting out guidelines for banking conduct, it is also important that Hong Kong has an independent user-friendly dispute resolution scheme for financial consumers and the financial institutions. The setting up of FDRC can help increase confidence of financial consumers and secure Hong Kong’s position as an international banking centre.” said Ms. Datwani.
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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
