XN000022-1986-05-28 — Page 18

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WEDNESDAY, MAY 28, 1986

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FURTHER PROTECTION FOR CONSUMERS

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THE BANKING BILL 1986 IS A TIMELY BIT OF LEGISLATION IN THE LIGHT OF RECENT BANK AND DEPOSIT COMPANY COLLAPSES INDICATING INADEQUATE CENTRAL SUPERVISION OF THE STABILITY OF SUCH FINANCIAL ORGANISATIONS, DR THE HON HENRIETTA IP SAID TODAY (WEDNESDAY).

SPEAKING AT THE RESUMED DEBATE ON THE BILL IN THE LEGISLATIVE COUNCIL, DR IP SAID WITH THE INCREASING COMPLEXITY OF THE COMMUNITY AND THE INCREASING COMPLEXITY OF THE SERVICES OFFERED TO THE MAN IN THE STREET, THE GOVERNMENT HAD TO STEP IN INCREASINGLY WITH LEGISLATION FOR CONSUMER PROTECTION.

+1 SEE THAT BANKING BILL TO BE ONE OF SUCH, + SHE SAID.

BEING A MEMBER OF THE AD HOC GROUP THAT EXAMINED THE BILL, DR IP SAID SHE QUESTIONED ITS VARIOUS ASPECTS FROM A CONSUMER'S POINT OF VIEW AND WAS SATISFIED THAT A GOOD BALANCE HAD BEEN STRUCK. THIS APPLIED FIRSTLY BETWEEN CONSUMER PROTECTION AND THE PRIVACY OF COMPETITIVE COMMERCIAL OPERATIONS, AND SECONDLY BETWEEN THE URGENCY OF SET STANDARDS AND THE REALITY THAT SOME FINANCIAL ORGANISATIONS WERE UNABLE TO MEET SUCH CRITERIA IMMEDIATELY.

SHE SAID HER PROPOSAL FOR AN ANNUAL PUBLICATION OF REGISTERED BANKS AND DEPOSIT-TAKING COMPANIES HAD NOT BEEN ACCEPTED, BUT SHE HAD BEEN ASSURED THERE WOULD BE A CONVENIENT CHANNEL THROUGH WHICH A CONSUMER COULD CHECK WHETHER HIS CHOICE WAS A SOUND ONE.

IN WELCOMING THE BILL, DR IP CONGRATULATED THE ADMINISTRATION FOR ITS POSITIVE EFFORTS IN OBTAINING THE VIEWS OF THOSE PROFESSIONAL BODIES CHIEFLY AFFECTED.

SHE ALSO THANKED THE HON JOHN SWAINE, CONVENER OF THE AD HOC GROUP, FOR THE TIME AND EFFORT HE HAD SPENT ON THE BILL.

+ AND LASTLY, IT IS SO REASSURING TO KNOW THAT ONCE THIS BILL IS ENACTED, WE HAVE GOVERNMENT TO SUPERVISE THE BANKS TO ENSURE THAT THEY ARE SAFE. AND FOR THE BANKS IN TURN TO SUPERVISE AND MANAGE OUR MONEY FOR US, WHILE WE ARE ALL BUSY AT OUR WORK MAKING HONG KONG ONE OF THE BEST AND MOST PROSPEROUS COMMUNITIES IN THE WORLD, DR IP SAID.

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