"They cannot keep dragging on," said the chief executive after delivering his policy address. "Considering this situation, I am now requiring that banks reply this week."
With the evidence that the Monetary Authority has of mis-selling by some banks on hand,Financial Secretary, John Tsang Chun-wah, proposes that banks buy the minibonds they sold at the current market value.
The Monetary Authority has already received over 9200 complaints about the sale of the minibonds. "It would set up an independent panel to mediate with banks in cases where it finds evidence of mis-selling," said Mr Tsang.
Wow! Finally some 'good' news to all investors out there!
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