Regulatory Alerts2025-03-11
Added · Updated
Complaints Against Debt Collection Agents Employed by Authorized Institutions
The Hong Kong Monetary Authority issued this letter to report the results of its industry survey regarding complaints against debt collection agents employed by authorized institutions for the second half of 2024. The data reveals that while the number of accounts assigned to debt collection agents increased, the complaint incidence rate remained stable at 0.06 per 1,000 accounts with no breaches of the Code of Banking Practice reported. The regulator reminded authorized institutions to maintain vigilant monitoring systems to ensure compliance and fair customer treatment as their reliance on debt collection agents grows.
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