FDRC 2018 Annual Report

Financial Dispute Resolution Centre 金融糾紛調解中心 8 Chief Executive Officer’s Report 行政總裁報告 CHIEF EXECUTIVE OFFICER’S REPORT I am most pleased to succeed Mr. Anthony NG Tze-wai as the Chief Executive Officer of FDRC from 1 January 2019. Leading FDRC in providing professional and effective financial dispute resolution services, thereby enhancing and contributing to the local financial consumer protection regime and Hong Kong’s role as an international financial centre is a challenging and rewarding job. Following up the Consultation on “Proposals to Enhance the Financial Dispute Resolution Scheme”, FDRC’s Terms of Reference had been revised and various service enhancements were implemented in phases from 1 January 2018, with those related to small enterprises became effective on 1 July 2018. To fully brief and update various stakeholders on our enhanced services, a series of information seminars for financial institutions, mandatory CPD course to our listed mediators/arbitrators, talks at community events and media interviews, etc. were organized. We also promoted FDRC and its mediation/arbitration services to different sectors of the society through media advertising and publicity initiatives. On top of the stakeholder engagement events, FDRC had allocated more resources in strengthening its community outreach strategy. We also made more use of the social media platform and organized new online activities to keep up with the popular trend in digital marketing. The publicity works have yielded positive result and FDRC has seen a substantial increase in the number of enquires received. A total of 955 enquires was received by FDRC in 2018, compared with 775 enquires in 2017. Somehow, because of the relatively stable financial environment and tighter supervisory standards of the regulators in past few years, the case applications under the FDRS recorded a drop in 2018. Nevertheless, thanks to the high professional standard of our listed mediators/arbitrators and staff, both FDRC mediation success rate and users’ satisfaction rate remained at an encouraging level of about 80% and 90% respectively in 2018. We anticipate a gradual pick- up in case applications in the coming year with our enhanced services in place. Finally, I would like to thank our Chairman, Board directors and members of the FDRC Committees and Tribunal for their devoted efforts and wise guidance, as well as the continuous support and cooperation of our listed mediators/arbitrators and scheme members. Special thanks must also go to our staff for their dedication and commitment. In the coming year, FDRC remains committed on offering professional services to our users and the community. Mr Herman CHO Chief Executive Officer