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Warning issued over financial products

Consumers have been warned to be cautious about the potential risks of certain 'high-yield' products such as equity-linked deposits.

Ron Hui Shu-yuen, vice-chairman of the Consumer Council's publicity and community relations committee, said investors may be unaware of the nature of these products and may regard them as a substitute for savings deposits, which enjoy guaranteed interest return and the safeguard of the Deposit Protection Scheme.

The council urged consumers to evaluate the quality and prospects of each underlying stock and assess the potential profit and loss scenarios.

The council tested 13 large suitcases - seven hard and six soft models - in areas such as overloading, dropping, durability, zip and fabric, water resistance and ease of use. The top performing hard suitcases were HK$2,180 and HK$1,710, while the top models for soft suitcases were HK$4,450 and HK$1,420. The price range was HK$358 to HK$4,450.

Consumers have been advised to carefully consider the different terms and conditions of the warranties on their home appliances and equipment.

A council survey of 44 brands of washing machines, washer-driers, air conditioners, television sets and computers found huge differences in the terms and fees. Maintenance fees varied from HK$200 to HK$12,000 per contract period of one to four years, and on-site examination fees range from HK$50 to HK$2,000 for owners in urban areas while extra fees may be charged for those on outlying islands.

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