Financial Secretary Paul Chan this afternoon convened a co-ordination meeting with financial regulators to enhance support for residents affected by the recent fire incident at Wang Fuk Court in Tai Po.
Secretary for Financial Services & the Treasury Christopher Hui attended the meeting, along with senior representatives from the Monetary Authority, the Insurance Authority, the Mandatory Provident Fund (MPF) Schemes Authority and the Securities & Futures Commission.
At the meeting, Mr Chan instructed the financial regulators to step up co-ordination and mobilise banks, insurance companies, MPF trustees and other financial institutions to provide timely and effective assistance to the affected residents. The directives include:
• proactively reaching out to affected residents to understand their needs and offer assistance;
• streamlining procedures and expediting the processing of service and claims applications with discretion, wherever possible;
• adopting a lenient approach in handling delayed payments of loans, contributions and insurance premiums by affected individuals;
• giving priority and simplifying procedures in handling account matters related to the deceased;
• establishing a cross-sectoral co-ordination mechanism among financial institutions to enhance information flow and speed up response efforts; and
• extending service hours of bank branches in the district on Saturdays and Sundays to better serve local residents.
Mr Chan said that the residents affected by the fire are going through an extremely difficult time, noting that financial institutions should adopt a compassionate and empathetic approach, respond flexibly to the actual circumstances and needs of each family, and proactively provide appropriate support.
He stressed that addressing the immediate needs of the affected residents is the top priority. During the post-incident recovery and beyond, sustained support and care to the residents will be essential.
Mr Chan expressed hope that banks, insurers and other financial service providers would introduce ongoing support measures to help relieve any future financial pressure faced by the affected residents.
In line with the directives, the Monetary Authority and the Hong Kong Association of Banks will separately announce further measures today.
Separately, the Insurance Authority has set up a dedicated task force to co-ordinate the insurance sector’s responses, including the handling of public enquiries and claims.
Insurers are also offering various forms of assistance, including prioritising claims processing, expediting payouts, offering premium holidays or extended payment deadlines, and providing interest relief on policy loans. Some insurers are also providing emergency cash assistance or making advance payments to cover temporary accommodation costs.
