Regulatory Alerts2024-09-10
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Complaints Against Debt Collection Agents Employed by Authorized Institutions
The Hong Kong Monetary Authority issued a letter to all Authorized Institutions detailing the results of an industry survey on complaints against debt collection agents for the first half of 2024. The report indicates that 28 complaints were received by 11 institutions against 8 agents, resulting in an incidence rate of 0.06 complaints per 1,000 assigned accounts, alongside one reported breach involving the unauthorized disclosure of customer information. The Executive Director for Banking Conduct reminded all Authorized Institutions to maintain vigilant monitoring of their debt collection agents and to establish proper systems and procedures to oversee their activities.
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