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HK sets up bodies to protect investors
Source: Xinhua |
December 14, 2010, Tuesday
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Print Edition
Print Edition
Hong Kong will set up an education council and a finance resolution center to enhance education and protection for investors, the government said yesterday.
The Investor Education Council, designated to devise and boost a strategy for improving financial literacy in Hong Kong, will raise people's awareness of rights and responsibilities and generic knowledge of financial products, said K.C. Chan, secretary for financial services and the treasury.
"It will also help enhance people's abilities in managing finance, hence helping them make better financial decisions," he said.
Meanwhile, the Financial Dispute Resolution Center, responsible for managing an independent and impartial dispute resolution scheme by way of "mediation first, arbitration next," will offer a speedy and affordable way to handle monetary disputes between consumers and financial institutions, said Chan.
"If disputes cannot be resolved through mediation, claimants can choose to bring their cases to arbitration," Chan added.
The FDRC is expected to be set up by mid 2012, and its operation costs in the first three years will be provided by the government along with the Hong Kong Monetary Authority and the Securities and Futures Commission, Chan said.
"Financial institutions regulated by the HKMA and the SFC will be obligated to be members of the financial dispute resolution scheme," he added.
The IEC will be set up as a wholly owned company and fully funded by the SFC.
The Financial Services and the Treasury Bureau consulted industry groups, professional bodies and consumers during the consultation period early this year on the proposed establishment of an IEC and an FDRC, and received a total of 115 submissions.
The Investor Education Council, designated to devise and boost a strategy for improving financial literacy in Hong Kong, will raise people's awareness of rights and responsibilities and generic knowledge of financial products, said K.C. Chan, secretary for financial services and the treasury.
"It will also help enhance people's abilities in managing finance, hence helping them make better financial decisions," he said.
Meanwhile, the Financial Dispute Resolution Center, responsible for managing an independent and impartial dispute resolution scheme by way of "mediation first, arbitration next," will offer a speedy and affordable way to handle monetary disputes between consumers and financial institutions, said Chan.
"If disputes cannot be resolved through mediation, claimants can choose to bring their cases to arbitration," Chan added.
The FDRC is expected to be set up by mid 2012, and its operation costs in the first three years will be provided by the government along with the Hong Kong Monetary Authority and the Securities and Futures Commission, Chan said.
"Financial institutions regulated by the HKMA and the SFC will be obligated to be members of the financial dispute resolution scheme," he added.
The IEC will be set up as a wholly owned company and fully funded by the SFC.
The Financial Services and the Treasury Bureau consulted industry groups, professional bodies and consumers during the consultation period early this year on the proposed establishment of an IEC and an FDRC, and received a total of 115 submissions.
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