Govt directs financial institutions to aid fire victims with flexible, empathetic terms

Financial Secretary Paul Chan Mo-po pledged that the government would instruct financial institutions to provide flexible services and support to residents affected by the No.5 alarm fire at Wang Fuk Court.

In his online blog on Sunday (Nov 30), Chan stated that he had convened a coordination meeting, directing financial regulators to enhance collaboration and mobilize banks, insurance companies, MPF trustees, and other institutions to deliver timely and effective assistance to those affected.

He emphasized that financial institutions should adopt a compassionate and empathetic approach, respond flexibly to the actual circumstances and needs of each household, and proactively offer appropriate support.

The directives include streamlining the processing of services and claims with discretion, as well as adopting a lenient approach toward delayed repayments of loans, MPF contributions, and insurance premiums by affected individuals.

Priority will be given to simplifying procedures for handling accounts of the deceased, while a cross-sector coordination mechanism is expected to be established among financial institutions to improve information sharing and accelerate response efforts.

Chan also promised to investigate the cause of the fire and prevent similar tragedies from recurring. A cross-departmental task force established by the government has already held its first meeting.

Additionally, Chan praised the brave and resilient firefighters who risked their lives, paying special tribute to the fallen firefighter Ho Wai-ho, who lost his life battling the deadly blaze.