HONG KONG LEGISLATIVE COUNCIL —15 March 1989 香港立法局——————————一九八九年三月十五日
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The Ordinance enacted in 1985 provides for the disclosure by money changers of exchange rates, charges and commissions on exchange transactions and permits customers to consent in advance to the terms of the transaction. Following the enactment, there has still been an unacceptable level of malpractice within the money changing trade. This generates a significant amount of adverse publicity both locally and overseas. Therefore, something more positive has to be done to rectify the situation and to protect the customers. Many of them are visitors in Hong Kong.
The Bill requires a money changer to complete a transaction note using the net rate of exchange before the transaction is finalized. It also requires the money changer to maintain a board or other device displaying the net rates of exchange. It prohibits a money changer from displaying notices and statements which are false or misleading to the customers. The Bill will enable the enforcement agency to deal more effectively with complaint cases on non- compliance with the requirements of the Ordinance. Criminal liability is extended to officers including directors and managers of corporate money changers, or partners of partnership, if they do not take appropriate steps to avoid malpractices by employees. Surely unscrupulous money changers must be made to pay the price for their misdeeds which may jeopardize the reputation of Hong Kong.
I believe that the Bill will serve to regulate the trade, afford better protection to customers and enhance Hong Kong's image as a favourable visitor destination.
Sir, with these remarks, I support the Bill.
MR. LI: Sir, as one of the representatives of the Finance and Accountancy Constituency in this Council, I heartily endorse any measure aimed at improving the image of Hong Kong as a place where one can expect fair and honest treatment from those connected, in whatever way, with the financial field.
It has long been a complaint of tourists and indeed of many others that unfair treatment from money changers was the norm and not the exception. Whilst one accepts that it takes only a few rotten apples to spoil the barrel, nevertheless, it remains a fact that often the first and last act of people visiting Hong Kong is to change their money. We do not wish people to fly out from Kai Tak with their memory of Hong Kong soured by ill treatment at the hands of a small minority.
No comments yet.
Private notes are available after approval.