Clifford Chance

Proposal by the Hong Kong Government to establish a new Financial Dispute Resolution Centre

10 March 2011

The Secretary for Financial Services and the Treasury, Professor K C Chan, recently published the results of its consultation process on the establishment of a new Financial Dispute Resolution Centre (FDRC), confirming its intention to have the FDRC up and running by mid-2012.

Similar schemes exist in both Singapore (the Financial Industry Disputes Resolution Centre) and the United Kingdom and Australia (the Financial Ombudsman Service). The FDRC is seen by the Government as a key development in promoting greater accountability and transparency for the consumer in the financial sector, forming a central pillar in the ongoing reform process in the aftermath of the Securities & Futures Commission HK (SFC) and Hong Kong Monetary Authority's (HKMA) investigation into the selling of Lehman mini-bonds.

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