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The ICC Launches the 'Investor Compensation Hotline'
The Investor Compensation Company Limited ("ICC") today announces the launch of its "Investor Compensation Hotline" ("Hotline"). The number of the Hotline is 2523-7382.
The Hotline explains in Cantonese and English how the investors who suffer pecuniary losses in the event of default by licensed intermediary or authorized financial institutions can lodge a claim, and what level of security can they receive, including the definition of default, when an investor can lodge a claim, the calculation of compensation amount and documentations required to accompany a claim etc.
The public can receive claim forms, completed claim form samples and claim rules through the fax-on-demand function from the Hotline. The public can also use the Hotline to contact the ICC staff to ask for details during the office hours.
A wealth of information about the ICC and the Investor Compensation Fund ("Fund") is provided by the Hotline such as the sources of the Fund, the organizational structure and functions of the ICC etc.
The Investor Compensation Fund is established under the Securities and Futures Ordinance on 1 April 2003. Its purpose is to compensate investors who suffer pecuniary losses as a result of intermediary default. The default must be related to exchange-traded products in Hong Kong. All intermediaries licensed to provide dealing services in securities or futures contracts, or margin financing, and authorized financial institution (for example banks) are covered. The ICC is set up to administer the Fund and process relevant claims.
General Manager of the ICC John Lau said launching of the Hotline should allow investors to understand more about their protection. Market practitioners and the public can also assess the latest development of the ICC and news of the Investor Compensation Fund.