20 June, 2012

Legal News & Analysis – Asia Pacific – Hong Kong – Dispute Resolution

On 19 June 2012 the Financial Dispute Resolution Centre opened to assist financial institutions and their clients to resolve monetary disputes involving claims not exceeding HKD 500,000 (USD 65,000). It is hoped that under the FDRC’s dispute resolution mechanism, an early meeting/mediation between the parties will resolve the dispute. The government’s decision in December 2010 to set up the FDRC upon the completion of a public consultation marked a turning point for the resolution of disputes in the financial sector. The FDRC’s goal is to resolve monetary disputes through “mediation first, arbitration next”.