Complaints Watch Issue No. 25
The Hong Kong Monetary Authority (HKMA) published today (24 January)
the Complaints Watch Issue No. 25, which highlights the latest banking
complaint trends, emerging topical issues, and areas that Authorized
Institutions (AIs) should be alert to. The Complaints Watch is a semi-
annual publication aiming at promoting proper standards of conduct and
prudent business practices among AIs.
In the second half of
2024, the HKMA received 2,039 banking complaints, representing an
increase of 32% as compared to the same period last year. The number
of complaints about the operation of banking accounts increased
notably to a total of 1,030 cases in 2024, with a rise of 64% to 640
cases in the second half of the year. The increase was attributable to
more account reviews and increased monitoring undertaken by banks in
response to enhanced intelligence sharing between the Police and the
banks. As the fraud landscape evolves, the HKMA will continue to
promote public-private collaboration in combating fraud, and has also
requested banks to improve customer communication so as to keep any
inconvenience to customers to a minimum.
This issue of
Complaints Watch contains three feature articles “Handling Media
Enquiries on Customer Complaints”, “Debt Collection Activities
Conducted by Purchasers of Bank Debts” and “Liability for Unauthorised
Transactions with Lost Credit Card”.
The Complaints Watch is
available on the HKMA website. Hong Kong Monetary Authority 24
January 2025