(From left) Mr Cheng Yan-chee, Ms Julia Leung, Mr Eddie Yue, Mr Clement Cheung and Mr Chaucer Leung
Hong Kong’s insurance regulator, the Insurance Authority (IA), joined the Hong Kong Monetary Authority (HKMA), the Securities and Futures Commission and the Mandatory Provident Fund Schemes Authority to launch the Anti-Scam Consumer Protection Charter 3.0. The effort was also supported by the Consumer Council, the Hong Kong Association of Banks, the Hong Kong Police Force and the Office of the Communications Authority.
Building on the success of Charters 1.0 and 2.0, launched in 2023 and 2024 respectively, Charter 3.0 represents a step forward in anti-scam actions by establishing a collaborative framework between financial regulators and technology and telecommunications firms in combatting financial frauds and scams targeting the Hong Kong public.
Charter 3.0 introduces six principles it will focus on:
- Reporting functions for users
- Reporting channels for financial regulators
- Checking of advertisers
- Internal monitoring of processes
- Enforcement of terms of service
- Collaboration to raise public awareness
“The fight against financial frauds and scams and to protect the public requires a united front, bringing together the public and private sectors, as well as the community at large,” HKMA chief executive Eddie Yue said.
Said IA CEO Clement Cheung, “The Charter 3.0 represents the outcome of collaborative efforts made by stakeholders in forging a robust and resilient alliance to prevent financial frauds and scams.
“The IA will leverage on this platform to strengthen public education and empower policy holders so that they can safeguard effectively against the increasingly sophisticated plots concocted by swindlers.”