Source: Hong Kong Government special administrative region
FSTB publishes consultation conclusions and plans to implement first-phase measures as early as August to enhance regulation of licensed money lenders
With a view to enhancing the regulation of money lenders, the FSTB conducted from June to August last year a public consultation covering key features on enhancing regulation of unsecured personal loans, strengthening protection of the public interest, optimising and improving the affordability assessment of 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. During the consultation period, a total of 150 submissions were received from the community. The FSTB also briefed the Panel on Financial Affairs of the Legislative Council (LegCo FA panel) and organised briefing sessions for the money-lending industry, professional bodies and non-governmental organisations to explain to them the details. Issued at HKT 16:30
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