Blockchain
Hong Kong Monetary Authority updates telemarketing code to restrict calls
The Hong Kong Monetary Authority (HKMA) has announced improvements to the Code of Conduct on Person-to-Person Marketing Calls, with the aim of improving 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 in the way authorized institutions (AIs) conduct telemarketing activities.
Key revisions in the Code
Among the most important updates is the restriction on the frequency of marketing calls. The new code means that AIs are now limited to making no more than three calls to the same phone number in a single calendar week. This measure is intended to improve the telemarketing experience and reduce potential disruption to the public.
Additionally, the revised code establishes several other important guidelines:
- Telemarketing calls are limited to the hours of 9:00 am – 10:00 pm.
- Callers must clearly identify themselves and state the purpose of the call to the recipient.
- AIs must have mechanisms to handle unsubscribe requests from recipients.
- There are controls on the collection of information from those summoned and procedures for any subsequent meetings.
- A structured mechanism for handling complaints relating to telemarketing activities is mandatory.
The HKMA expects all authorized institutions to adhere to these guidelines in a timely manner, according to the implementation timeline specified in the Code. The improved code will take effect immediately on June 21, 2024.
Wider implications
These changes come in response to growing concerns about consumer privacy and the intrusiveness of telemarketing practices. By limiting the frequency of calls and enforcing stricter guidelines, the HKMA aims to promote a more respectful and transparent telemarketing environment.
Furthermore, these improvements are in line with global trends in which regulators increasingly focus on consumer protection in financial services. The HKMA’s proactive approach can serve as a model for other jurisdictions seeking to balance marketing practices with consumer rights.
For more detailed information you can access the official press release on Hong Kong Monetary Authority website.
Image source: Shutterstock