FDRC 2018 Annual Report

Financial Dispute Resolution Centre 金融糾紛調解中心 6 Chairman’s Statement 主席報告 CHAIRMAN’S MESSAGE FDRC has been serving the community since its establishment in 2012. Over the years, FDRC has made every effort to administer the Financial Dispute Resolution Scheme (FDRS) in an independent and impartial manner, with the aim of resolving monetary disputes between financial institutions and their customers amicably by way of the “Mediation First, Arbitration Next” approach. 2018 was a remarkable year. Following a consultation exercise, coupled with our operational experience accumulated in past few years, FDRC initiated various service enhancements to the FDRS and implemented them in phases from 1 January 2018 onwards. These included (a) increasing the maximum claimable amount of eligible disputes to HK$1,000,000 and the limitation period to 24 months; (b) enabling the parties concerned, with mutual agreement, to refer their monetary dispute to FDRC even if it falls beyond the maximum claimable amount and/or the limitation period; and (c) the inclusion of small enterprises as eligible claimant under the FDRS. With these enhancements, FDRC’s services can better cater for the growing and changing needs of both financial institutions and consumers, as well as reinforce the financial consumer protection regime in Hong Kong. In addition, FDRC strives to promote the use of alternative dispute resolution (ADR) process and to enhance public awareness of its benefits. I am delighted to see that financial institutions and members of the public are now considering mediation/ arbitration as a practical option in resolving their dispute. It is worth noting that, in recognition of its achievements in the relevant area, FDRC was awarded Financial Education Champion by the Investor and Financial Education Council in 2018. Looking forward, as an integral part of the financial infrastructure of Hong Kong, FDRC will continue to provide timely and effective dispute resolution services to our scheme users and play a key role in the complaint handling and redress mechanism. I would also like to take this opportunity to express my gratitude to fellow directors, committee and tribunal members, our listed mediators and arbitrators and our staff for their dedication and valuable contribution to FDRC. Mr Dieter YIH Chairman