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Treating customers fairly: Can Hong Kong learn from the UK?

Nov 08 2013 Michael Cowan, Compliance Complete

The Hong Kong Monetary Authority (HKMA) has issued its Treat Customers Fairly Charter. The Charter incorporates five high-level principles and is primarily aimed at retail consumers. It is based on the good practices promoted under the G20 High-Level Principles on Financial Consumer Protection, promulgated in October 2011. All retail banks in Hong Kong have signed up to the Charter to pledge their commitment to implementing the TCF principles. The five principles are: Banking services and products should be designed to meet the needs of customers. Banks should assess the financial capabilities and needs of customers before offering them a service, advice or product. The provision of advice or selling of financial products should take into account the interest of the customers, having regard to their profiles and the complexity of the banking services or products in question. Banks should set out and explain clearly the key features, risks and terms of the products, including any

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