Hong Kong's first code of banking practice will come into effect on Monday, with the aim of increasing the transparency and quality of banking services in the SAR.
The code is being issued jointly by two major banking organisations, the Hong Kong Association of Banks (HKAB) and the Deposit-Taking Companies Association (DTCA), after an extensive consultation exercise that began in January.
The code is non-statutory, leaving SAR banks to follow it on a voluntary basis.
Hong Kong Monetary Authority executive director Raymond Li said the authority would monitor how banks followed the code but would not handle any complaints if the code was violated.
'The code has been designed to be a standard for the industry, not to tell the industry how to operate,' he said.
'This is in line with other international financial centres which also allow banks to follow their own code of practice on a voluntary basis.' HKAB chairman Chris Langley and DTCA chairman Alex Au expect their members to take active steps to comply with the code as soon as possible.