The Financial Services & The Treasury Bureau has launched another public consultation, this one on its proposals to establish an Investor Education Council and a Financial Dispute Resolution Centre.
The bureau proposes to set up the education council as a company wholly owned by the Securities and Futures Commission, and it would need to amend the Securities & Futures Ordinance to do so. The commission would wholly fund the council's operation, with an annual budget estimated at $50 million. It would not rely on any government funding nor charge the public for its services. A board of directors with relevant representatives from financial institutions and the government would govern the council.
The proposed Financial Dispute Resolution Centre would act as a one-stop service for resolving disputes between financial institutions and individual customers, primarily by mediation, and failing that, arbitration.
The Government would appoint a board of directors to oversee its operations - and ensure the independence and impartiality of its dispute-resolution procedures.
To view or download the consultation paper, click here.
You can send your views in by mail to Division 1, Financial Services Branch, Financial Services & the Treasury Bureau, 18/F, Tower 1, Admiralty Centre, 18 Harcourt Road; by fax to 2294 0460, or by email to iec_consultation@fstb.gov.hk (for views on the Investor Education Council) or fdrc_consultation@fstb.gov.hk (for views on the Financial Dispute Resolution Centre).