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Category: Business and Industry
Date Submitted: 11/15/2015 01:24 AM
Annex
REPORT OF MYSTERY SHOPPING
PROGRAMME FOR COMPLIANCE WITH
THE CODE OF BANKING PRACTICE
INDUSTRY REPORT
May 2012
CONFIDENTIAL
TABLE OF CONTENTS
I.
Executive Summary ………………………
II.
Programme Introduction ...………………..
4
•
Objectives ………………………………...
4
•
Methodology ……………………………...
4
•
Coverage ……………………………….....
4
Observations ………………………………
5-10
•
General ………………………………...…..
5
•
Savings Accounts ……………………….
5-6
•
Unsecured Personal Loans …………….......
6-8
•
Credit Cards ……………………………….
8-10
IV.
Way Forward ………………………………
10
Appendix 1
Sections of the Code of Banking Practice
Covered by the Mystery Shopping
Programme ………………………………...
11
Summary of the Results of the Mystery
Shopping Programme ……………………..
12-16
III.
Appendix 2
Industry Report
Page 2-3
1
CONFIDENTIAL
I.
EXECUTIVE SUMMARY
1.
The Hong Kong Monetary Authority (HKMA) introduced a “mystery
shopping programme” (MSP) as one of the measures to facilitate the
monitoring of authorised institutions’ (AIs) compliance with the Code of
Banking Practice (the Code) in 2010. The Hong Kong Productivity Council
(HKPC) was engaged by the HKMA to conduct the mystery shopping exercise
(the exercise). This report sets out the observations of the exercise.
2.
The exercise was performed from September to October 2010. During this
period, 1,195 samples1 were conducted on 21 AIs with retail banking business.
Three types of banking services that AIs offered to personal customers were
covered in the exercise, namely, savings accounts, unsecured personal loans
and credit cards.
3.
The exercise focused on the availability of relevant information to the
shoppers 2 during the sale process. Key observations of the exercise were
summarized as follow:
•
All shoppers found that the sales representatives explained the features of
the banking services in a factual and...