23
WEDNESDAY, NOVEMBER 16, 1994
LAW ON TELEPHONE BANKING SYSTEM NOT NEEDED
*
FOLLOWING IS A QUESTION BY DR THE HON HUANG CHEN-YA AND A WRITTEN REPLY BY THE SECRETARY FOR FINANCIAL SERVICES, MR MICHAEL CARTLAND, IN THE LEGISLATIVE COUNCIL TODAY (WEDNESDAY):
QUESTION REGARDING THE TELEPHONE BANKING SERVICES PROVIDED BY BANKS,
WILL THE GOVERNMENT INFORM THIS COUNCIL:
(A) OF THE NUMBER OF BANKS WHICH ARE CURRENTLY
SUCH SERVICES;
(B)
(C)
(D)
PROVIDING
WHAT SAFEGUARDS ARE IN PLACE ΤΟ PROTECT CLIENTS AGAINST LOSSES FROM WITHDRAWALS WHICH ARE EITHER WITHOUT THE CLIENT'S AUTHORISATION OR MISHANDLED BY THE BANKS;
WHAT GUIDELINES OR MONITORING MECHANISM ARE AVAILABLE TO ENSURE THAT THE NECESSARY DEGREE OF PRUDENCE AND PROFESSIONALISM IS EXERCISED IN PROVIDING SUCH SERVICES; AND
WHETHER LEGISLATION WILL BE INTRODUCED BY THE GOVERNMENT TO PROTECT THE CONSUMERS' RIGHTS IN USING SUCH SERVICES?
REPLY:
(A)
(I)
THERE ARE CURRENTLY 34 LICENSED BANKS OFFERING SOME FORM OF TELEPHONE BANKING SERVICES, WHICH MAY INCLUDE SOME OR ALL OF THE FOLLOWING SERVICES
PROVISION OF INFORMATION ON ACCOUNT BALANCES, EXCHANGE RATES, DEPOSIT AND LENDING RATES;
(II)
TRANSFER OF FUNDS BETWEEN ACCOUNTS OF THE CUSTOMER OR TO PREDESIGNATED THIRD PARTY ACCOUNTS;
SAME
(III)
(IV) FOREIGN EXCHANGE AND INVESTMENT PRODUCT
TRANSACTIONS; AND
(V)
PAYMENT OF CREDIT CARD, UTILITY BILLS, ETC.
RENEWAL OR DISPOSAL OF TIME DEPOSITS UPON MATURITY;
/(B) ACCESS TO