SFC-regulated multi-asset brokerage Blackwell Global Hong Kong today announced that its CEO Gary Cheung has been named Director of the Financial Dispute Resolution Centre (FDRC) for a term of two years, effective March 1, 2018.
Founded in 2012, the Financial Dispute Resolution is part of the Hong Kong government’s efforts to provide customers with a venue to air their grievances against bankers and brokers. The aim of the FDRC is to provide a quick and cost-effective means of resolving disputes between consumers and financial institutions. The FDRC allows individuals to refer claims of up to $500,000.
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Mr. Cheung’s appointment is made in alignment with the FDRC’s recent overhauls. He has been in the financial services sector for more than three decades, and brings a wealth of expertise in managing SFC-regulated companies. His career encompasses senior roles – he was CEO of Tung Shing Securities (Brokers) Limited.
Cheung has held several senior management positions in other notable stocks and securities institutions such as Sun Hung Kai & Co, Ltd. and the Hong Kong Securities Institute.
Commenting on his appointment, Gary Cheung said: “Dispute resolution is crucial for an international financial hub such as Hong Kong. The dispute arises due to the diversity and complexity of financial products, as well as investors’ lack of risk and product knowledge. The recognition of the rights of participants and the availability of an avenue for resolution should there be a conflict becomes even more paramount. I’m honoured to be part of the organisation, and I look forward to contributing towards a safer finance industry.”