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HKMA, SFC and OECD co-host a roundtable to promote development of financial consumer protection policies in Asia

The following is issued on behalf of the Hong Kong Monetary Authority:

     The Asia Financial Consumer Protection Roundtable, jointly organised by the Organisation for Economic Co-operation and Development (OECD), Hong Kong Monetary Authority (HKMA) and the Securities and Futures Commission (SFC), was held today (December 14) in Hong Kong. It is the first time that a high-level international conference on financial consumer protection was held in Hong Kong and in the Asian Region. The Roundtable followed a one-and-a-half-day seminar, which provided a forum for a unique exchange of views between Asian and other authorities and stakeholders, and a discussion of regional specificities.

     The theme of the Roundtable was "Main Challenges in Developing and Implementing Financial Consumer Protection Policies in Asia". It was attended by some 30 senior officials of local and overseas regulatory authorities and public bodies responsible for financial consumer protection.

     The Secretary for Financial Services and the Treasury, Professor K C Chan, was invited to address the Roundtable participants. In his welcome remarks, Professor Chan said "The policy objective of the Hong Kong Government is to strike a balance between generating market development on one hand, and enhancing financial stability and investor protection on the other. As market integrity goes to the heart of financial consumer protection, the Government and the regulators will continue to join efforts with the financial sector in pursuing these goals which are not mutually exclusive but go together hand-in-hand."

     The Head of the Financial Affairs Division, OECD and Chairman of the International Network on Financial Education, Mr André Laboul, said, "I'm impressed with Hong Kong's progress in financial education and consumer protection." He underlined the importance of the G20 and OECD international efforts in this area and the relevance of the Hong Kong event, which marked the first time that the OECD co-organised financial consumer protection-related event outside Paris, its headquarters.

     At the Roundtable, participants discussed the key lessons learnt from the global financial crisis and the recent development to support financial consumer protection, and exchanged views on major challenges in developing and implementing financial consumer protection policies in their respective jurisdictions.  

     High on the agenda were implementation issues related to the G20 High-Level Principles on Financial Consumer Protection, designed to assist G20 countries and other interested economies to enhance financial consumer protection.

     For enquiries to the OECD, please contact Belinda Sutton at +33145249127. For enquiries to the SFC, please contact Jonathan Li at 2283 6808 or Ernest Kong at 2840 9335. For enquiries to the HKMA, please contact Yokee Wong at 2878 1213.

Ends/Friday, December 14, 2012
Issued at HKT 19:34


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