XN000022-1989-01-16 — Page 5

MONDAY, JANUARY 16, 1989

ORDINANCE,

MR TODAY, CONFERENCE WAS ENACTED

APRIL IN

PRACTICES CURRENT

AT A PRESS WHICH

EXPECTATIONS IN THAT THE

CHANGERS DID NOT ALLOW CUSTOMERS TO EASILY COMPARE THE RATES ON OFFER.

FOLLOWING

THE

THE NUMBER

ENACTMENT

OF

OF FORMAL

THE ORDINANCE,

COMPLAINTS.

REDUCTION IN

THERE

WAS

A

HOWEVER,

AN

CHANGING

UNACCEPTABLE LEVEL OF MALPRACTICE CONTINUED WITHIN THE MONEY

MACLEOD SAID THE PRESENT

HAD NOT 1985,

FULFILLED ADOPTED BY MANY MONEY

TRADE.

"THIS GENERATES A DISPROPORTIONATE AMOUNT OF ADVERSE BOTH LOCALLY AND OVERSEAS," MR MACLEOD SAID.

PUBLICITY

THE TRUE STAYED

HE SAID THAT THE NUMBER OF COMPLAINTS DID NOT REVEAL EXTENT OF THE PROBLEM, THIS WAS BECAUSE TOURISTS NORMALLY ONLY IN HONG KONG FOR A FEW DAYS.

OF MONEY A FORMAL COMPLAINT

AMOUNT THE RELATIVELY SMALL EVEN WHEN DISSATISFIED INVOLVED WAS NOT WORTH THE EFFORT OF THEM MAKING TO THE POLICE.

THE PROPOSED AMENDMENTS WOULD MAKE ENFORCEMENT AND MUCH EASIER.

PROSECUTION

41 COMPLAINTS REGARDING MONEY THE CONSUMER COUNCIL RECEIVED CHANGERS IN 1987 AND 14 COMPLAINTS FOR THE FIRST 10 MONTHS LAST YEAR.

THE RECOMMENDATIONS OF THE WORKING GROUP WERE NOVEMBER 1987 FOR CONSULTATION.

MADE PUBLIC IN

MONEY CHANGERS OF OTHERS NOT IN THE

ACCORDING TO MR MACLEOD, THE GREAT MAJORITY OF

REACTION THE WHILE DID NOT EXPRESS A VIEW BUSINESS WAS POSITIVE.

THE

MONEY

CHANGERS

RATES,

OF (DISCLOSURE

CHARGES AND DUE то BE PUBLISHED IN THE COMMISSIONS) (AMENDMENT) BILL 1989 IS

COMMENCEMENT GAZETTE ON FRIDAY (JANUARY 20) AND ITS FIRST READING AND OF THE SECOND READING DEBATE IN THE LEGISLATIVE COUNCIL. FOR JANUARY 25.

A MINIMUM OF

IS SCHEDULED

MY MACLEOD ADDED THAT

THREE MONTHS WOULD BE ALLOWED AFTER ENACTMENT FOR THE TRADE TO ADJUST TO THE NEW RULES.

15