Research Assessment of Effectiveness of Legislative Protection for Financial Product
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Added on 2020-05-16
Research Assessment of Effectiveness of Legislative Protection for Financial Product
Added on 2020-05-16
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Running head: RESEARCH PROPOSAL Effectiveness of Legislative Protection for Financial Product Consumer in Hong KongName of the StudentName of the UniversityAuthor Note
1RESEARCH PROPOSAL Table of ContentsIntroduction......................................................................................................................................2Title of the research.........................................................................................................................3Reasons and concept for research................................................................................................3Research Objectives.....................................................................................................................3Research Questions......................................................................................................................4Literature review..............................................................................................................................5Introduction..................................................................................................................................5Customer protection.....................................................................................................................5Financial Regulation and Banking Consumer Protection............................................................5Self-regulation by way of Codes of Banking Practice.................................................................8Summary......................................................................................................................................8Methodology....................................................................................................................................9Black-letter approach in doctrinal research.................................................................................9Comparative approaches..............................................................................................................9Ethics application.......................................................................................................................10Other provisional chapters.............................................................................................................10Bibliography..................................................................................................................................12
2RESEARCH PROPOSAL Introduction There is a view which is held by the Hong Kong Monitory Authority (HKMA) that thecornerstone for the sustainable development of banks is the confidence and trust of theconsumers. These concepts promote the stability of banking within the country. To attain andmaintain the trust and confidence of the consumers the banks have the responsibility of providinga fair and just treatment to its consumers. One of the initiatives which have been taken by theHKMA in this regard is the credit card reforms. The practice includes the HMKA operatingalongside other industries which it provide enhanced credit card experience to the consumerswhich is provided in Australia, US and UK. The industry announced total of 31 measures whichhave been implemented duly within the industry. The purpose of this measures is the promotionof fair and reasonable practices in relation to credit card providers. A few of these measures aimto reduce the cost which is borne by the customers in relation to credit cards and also enhance theaccountability and disclosure of credit card providers. The implementation of these reforms is setto lift the standard of Hong Kong in relation to good credit card practices up to other countriessuch as UK, US and Australia. The HKMA has also worked towards development of the TreatCustomers Fairly (TCF) Charter for retail banks as well as Treat Customers Fairly Charter forPrivate Wealth Management Industry which can be applied on private banks. Five high levelsTCF principles are incorporated through both charters which have been drawn from good localand oversee practices as well as G20 High-Level Principles on Financial Consumer Protection1. However the situation in which the banking industry of Hong Kong is presently is not upto the standards which is provided by some of the other global financial leaders such s Australia,1 Cranston, Ross. Principles of banking law. Oxford university press, 2017.
3RESEARCH PROPOSAL UK and USA. The primary purpose of the research will to be find ways to provide betterprotection to the consumers of banking product within Hong Kong. Title of the research Assessment of the Effectiveness of Legislative Protection for Financial ProductConsumer in Hong Kong as Comparative of Other Major Global Financial Centre and NorthAsia CounterpartsReasons and concept for research As the problems in relation to issues like increase in bank fee and charge are rising, thedemands that the HKMA should be looking to find out ways for the purpose of protecting thebank customers. Research Objectives The objectives of the research To find out ways to protect the customers using bank services To compare the competition arrangement of Hong Kong with that of the other countrieslike US, UK, Singapore and AustraliaTo identify the flaws in the provisions laid down in HK towards the protection of
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