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Financial and Monetary Affairs

Financial Services Development Council

The Financial Services Development Council is a high-level, cross-sectoral advisory body that collects industry views to formulate strategic proposals for the development of the industry. It published four reports in 2018 on maritime leasing; digital identity and know-your-client utilities; environmental, social and governance strategy; and life insurance. In September, the council was incorporated as a company limited by guarantee to allow it to discharge market promotion, research and human capital development functions with more flexibility. Its operation is supported by recurrent subvention from the public coffers.

Financial Dispute Resolution Centre

The Financial Dispute Resolution Centre administers in an independent and impartial manner the Financial Dispute Resolution Scheme to facilitate the resolution of monetary disputes between individual customers and financial institutions by primarily a 'mediation first, arbitration next' approach. Following a public consultation on how to enhance its service, the centre implemented measures in 2018 to enhance the accessibility and flexibility of its service.

Money Lenders

The government closely monitors money lenders' compliance with the Money Lenders Ordinance and the licensing conditions imposed by the licensing court. Public education activities are conducted to alert the public to money lending-related malpractices.

Talent Training

A three-year pilot programme to enhance talent training for the insurance sector and the asset and wealth management sector, launched in 2016, helps the community, particularly students, understand the career prospects in these two sectors so as to attract new blood and enhance the professional competency of the sectors. Initiatives rolled out in the year included educational and promotional activities, summer internships for undergraduates, placements for graduates and financial incentives for practitioners to undergo training.

The HKMA works closely with the banking industry and professional bodies to develop modules under the Enhanced Competency Framework for capacity building and talent development. There are five modules covering private wealth management, anti-money laundering and counter-terrorist financing, cyber security, treasury management and retail wealth. management. A new module, on credit risk management, will be launched in 2019.

Asian Financial Forum

The government co-organises the annual Asian Financial Forum with the Hong Kong Trade. Development Council to facilitate high-level exchanges over financial and economic issues and to showcase Hong Kong's unique advantages in financial services. In 2018, the signature event was held with the theme 'Steering Growth and Pioneering Innovation: Asia and Beyond, attracting over 3,000 participants from around 46 jurisdictions.

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