TNAG-1487-FCO40-2044-Hong-Kong-banking-Banking-Bill-1986-1986 — Page 196

Sir,

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DRAFT SPEECH BY DR HON HENRIETTA IP, JP LEGISLATIVE COUNCIL 28.5.1986

Banking Bill 1986

Reviseri

We live in an advanced community in which, in return to

conforming to the society by abiding in some ways their

restrictive legislations, we are also protected by them, So, while it is illegal not to allow our children to attend school, we are ensured that teaching establishments possess a certain

standard. While it is illegal to drive a car without proper

qualification, Government ensures that cars driven on the road are

roadworthy. While we cannot build a house to whatever shape and

size we so desire, we can be assured that one which is built

according to the Building Regulations would be safe to live in. The same should apply to banks and deposit-taking companies, such

that while not anyone can operate such organsations, we can be

assured that when one is allowed to exist, it is safe for us to

deposit our money in.

With the increasing complexity of our community and the

increasing complexity of the services so offered to the man on the

street, Government needs to step in increasingly with legislations

for consumer protection. I see the Banking Bill to be one of

such. Furthermore with the recent banks and deposit-taking

companies collapse indicating inadequate central supervision of

the stability of such financial organisations, the banking bill is

a timely piece of legislation.

I sat on this working group, heavily weighted with professionals, to look into this banking bill very much as a layman representating the man on the street. I questioned the various aspects of the bill from a consumer's angle and it has

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