Part IV Common Law Legal Systems, 13 Hong Kong and Singapore

Subject(s):

Civil liability of lenders — Regulatory liability of lenders — Bank resolution and insolvency — Bank supervision — Capital markets — Supervision — Central bank immunity

There are numerous circumstances in which a member of the public may be aggrieved by the conduct of the authorities who supervise the financial services sector. Claimants might include bank depositors who lose monies when a bank collapses, or the financial institution itself which is denied a licence or has its licence withdrawn. Recovery and resolution measures may similarly trigger grievances from the affected financial institution, or from adversely affected shareholders or creditors. In Hong Kong and Singapore, financial authorities are protected from civil claims by extensive immunity provisions. These provisions do not, however, protect from bad faith conduct, and the financial authorities can be sued for the tort of misfeasance in public office. There are also other limited avenues of recourse for claimants to challenge decisions, including judicial review.