The Hong Kong Monetary Authority (HKMA) released Complaints Watch Issue No. 24 on 25 July 2024. This semi-annual publication highlights current banking complaint trends, emerging issues, and areas for which Authorized Institutions should be vigilant. In the first half of 2024, HKMA received 1,425 banking complaints, an 8% decrease from the previous year. Notably, fraud-related complaints dropped by 45% to 350 cases, while complaints about banking account operations surged by 78% to 390 cases. The increase was mainly due to account reviews by a few retail banks, prompting requests for additional information from account holders. HKMA has required these banks to enhance their processes to reduce customer dissatisfaction. This issue also features articles on handling deceased accounts and providing mortgage information in property transactions. The publication is available on the HKMA website.
Resources: https://www.hkma.gov.hk/eng/news-and-media/press-releases/2024/07/20240725-3/