Source: Hong Kong Government special administrative region
Public consultation on enhancing regulation of licensed money lenders launched today
The Secretary for Financial Services and the Treasury, Mr Christopher Hui, said, “The Government has been closely monitoring the market situation in the money lending sector to continuously review and enhance the prevailing regulatory measures, so as to induce more responsible lending behaviour among money lenders. We have proposed a number of measures in the consultation paper, with a view to stepping up efforts in addressing the issue of excessive borrowing and better protecting the public interest.”
The consultation paper sets out key features of various proposed measures, including enhancing regulation of unsecured personal loans, strengthening protection for loan referees, optimising and improving the affordability assessment on borrowers in respect of unsecured personal loans, strengthening the complaint handling process, stepping up publicity and education, and enhancing the regulatory regime of money lenders.
Members of the public are invited to give views on the proposals in the consultation paper. The FSTB will fully consider the comments received when finalising the proposals.
The consultation paper is available on the webpage of the FSTB at www.fstb.gov.hk/fsb/en/publication/consult/consult-moneyLendersRegulation.html
Members of the public may submit views to the FSTB by email money-lenders-consult@fstb.gov.hkIssued at HKT 15:00
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