Regulatory Alerts2024-03-26
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Complaints Against Debt Collection Agents Employed by Authorized Institutions
The Hong Kong Monetary Authority issued a circular detailing the results of its industry survey on complaints against debt collection agents employed by authorized institutions for the second half of 2023. The report reveals that 22 complaints were received by six institutions against five agents, resulting in an incidence rate of 0.05 per 1,000 assigned accounts, which represents an increase from the previous half-year. Despite the rise in complaint volume, no instances of breach of the Code of Banking Practice were reported during the period.
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