Regulatory Alerts2023-09-07
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Complaints Against Debt Collection Agents Employed by Authorized Institutions
The Hong Kong Monetary Authority issued a letter detailing the results of an industry survey on complaints against debt collection agents employed by authorized institutions for the first half of 2023. The report indicates that while 32 authorized institutions utilized debt collection agents, the total number of complaints decreased to 10, resulting in a lower incidence rate of 0.02 per 1,000 accounts compared to the previous period. Additionally, the authority confirmed that no breaches of the Code of Banking Practice were reported during this timeframe.
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