Hong Kong's Financial Dispute Resolution Centre
Thursday, May 12, 2011 at 1:06AM On 10 March 2011, CliffordChance released a paper on the proposed Financial Dispute Resolution Centre (FDRC) in Hong Kong. It is hoped that the FDRC will be up and running by mid-2012. The FDRC is seen by the Government as a key development in promoting greater accountability and transparency for the consumer in the financial sector, and is a major development in the aftermath of the Global Financial Crisis and in particular the Lehman Brothers issues.
It appears that the FDRC will focus on monetary matters ($500,000 and under) and will not look at regulatory breaches. This will remain the responsibility of the various regulatory bodies, such as the SFC.
CliffordChance’s paper also looks at the process and fees involved.
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