Financial consumer disputes in Macau have a new resolution mechanism

29 May 2019

Consumers with financial conflicts in Macau will have another option for resolving their disputes or conflicts following the signing of a memorandum of cooperation between three local institutions, according to official information.

The Memorandum of Cooperation signed by the Macau Monetary Authority (AMCM), the Macau Consumers Council and the WTC Arbitration Centre of Macau aims to “better guarantee the rights and interests of financial consumers and increase the competitiveness of local financial services and, thereby enhance the attractiveness of these products to the markets of the Greater Bay by establishing, in the future, a link with the schemes adopted in other cities of the Greater Bay.”

AMCM President Chan Sau San recalled that the “Outline Development Plan for the Guangdong-Hong Kong-Macau Greater Bay Area,” expressly sets out the need to create competitive global trading conditions with a view to providing strong support for the promotion of construction projects, as part of the “Belt and Road” national initiative, including improvement of mechanisms for resolving trade disputes.

The statement added that all institutions under AMCM’s supervision authorised to carry out financial activities should sign up to this “Resolution Plan,” which will cover applications and requests in which compensation is 1 million patacas or less and provided that they are filed within a period of two years from the date on which the corresponding losses were incurred for the first time. (Macauhub)