Hong Kong Monetary Authority Updates Telemarketing Code to Limit Calls - Blockchain.News

Hong Kong Monetary Authority Updates Telemarketing Code to Limit Calls

Iris Coleman Jun 21, 2024 13:27

The Hong Kong Monetary Authority has introduced a revised Code of Practice for telemarketing to enhance consumer protection and limit call frequency.

Hong Kong Monetary Authority Updates Telemarketing Code to Limit Calls

The Hong Kong Monetary Authority (HKMA) has announced enhancements to the Code of Practice on Person-to-Person Marketing Calls, aiming to improve consumer protection and telemarketing practices. The revised code, launched by the Hong Kong Association of Banks (HKAB) and the DTC Association (DTCA), introduces significant changes to how Authorized Institutions (AIs) conduct telemarketing activities.

Key Revisions in the Code

Among the most notable updates is the restriction on the frequency of marketing calls. The new code stipulates that AIs are now limited to making no more than three calls to the same telephone number within a single calendar week. This measure is intended to enhance the telemarketing experience and reduce potential nuisances for the public.

Additionally, the revised code sets forth several other important guidelines:

  • Telemarketing calls are confined to the hours between 9:00 am and 10:00 pm.
  • Callers must clearly identify themselves and state the purpose of the call to the recipient.
  • AIs must have mechanisms in place to handle unsubscribe requests from recipients.
  • There are controls over the collection of information from called parties and arrangements for any subsequent meetings.
  • A structured mechanism for handling complaints related to telemarketing activities is mandatory.

The HKMA expects all Authorized Institutions to adhere to these guidelines promptly, according to the implementation timeline specified in the code. The enhanced code is effective immediately from June 21, 2024.

Broader Implications

These changes come in response to growing concerns over consumer privacy and the intrusiveness of telemarketing practices. By limiting call frequency and enforcing stricter guidelines, the HKMA aims to foster a more respectful and transparent telemarketing environment.

Furthermore, these enhancements align with global trends where regulatory bodies are increasingly focusing on consumer protection in financial services. The HKMA's proactive approach may serve as a model for other jurisdictions looking to balance marketing practices with consumer rights.

For more detailed information, the official announcement can be accessed on the Hong Kong Monetary Authority website.

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