1. Under the Financial System Act (FSAM), the Monetary Authority of Macao (AMCM) is responsible for promoting the general stability and proper functioning of the financial system. Consistent with this responsibility, the AMCM will seek to ensure that all institutions that are governed principally by the FSAM as well as those institutions that are governed supplementarily by provisions of the FSAM regarding discipline and protection of financial activity are operating in a sound and prudent manner and, adopting correct standards of ethical conduct and sound business practices. Such institutions are referred to as “authorized financial institutions” in this policy statement. They include credit institutions, finance companies, money changers, cash remittance companies, financial intermediaries and other financial institutions.
2. In its capacity as the supervisory authority of authorized financial institutions, the AMCM has from time to time received complaints about the way authorized financial institutions handled the affairs of customers. In light of such complaints, which may imply an opportunity for improvement of practices, this policy statement is drawn up to explain the AMCM’s policy and how such complaints will be handled. This policy statement covers what is expected of the complainant, addresses the circumstances in which the AMCM will investigate complaints against an authorized financial institution and gives details of the actions the AMCM can take on such complaints.
3. There are six sections to the policy. The first three sections (paragraphs 4 –10) give general guidance to complainants with regard to the AMCM’s handling of complaints and the last three sections (paragraphs 11 – 22) provide an overview of the AMCM’s role and the actions that can be taken.
Last revision: 2019-10-25 23:34:12