HKMA say Hong Kong banks need to improve complaints handling – 26th May 2017

Some banks in Hong Kong still have problems with addressing customer complaints efficiently, despite regulators introducing a refined complaints-handling workflow for the industry three years ago, the Hong Kong Monetary Authority (HKMA) said. “We noticed some banks still had executional issues that needed to be addressed,” the HKMA said in its latest “Complaint Watch” newsletter. Banks should take care to maintain effective systems for complaint handling, following the requirements set out in Supervisory Policy Manual IC-4, the regulator said. The HKMA said in some instances, it has had to follow up with banks it referred complaints to in order to ascertain whether the banks thoroughly investigated the complaints and communicated clearly with the complainants.

 

Trond Vagen, Regulatory Intelligence