On 11 Mar 2025, the HKMA reported that 34 complaints against debt collection agents were received by 12 authorized institutions in H2 2024, with a stable complaint incidence rate of 0.06 per 1,000 accounts assigned. The HKMA reminded AIs to maintain rigorous monitoring systems for DCAs to ensure compliance and fair customer treatment, noting no breaches of the Code of Banking Practice were recorded.
This article was generated using SAMS, an AI technology by Timothy Loh LLP.
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Survey Results on Debt Collection Agent Complaints
On 11 Mar 2025, the Hong Kong Monetary Authority (HKMA) reported the results of its industry survey on complaints against debt collection agents (DCAs) employed by authorized institutions (AIs) for the second half of 2024. During the reporting period, 33 AIs assigned 548,531 accounts to 21 DCAs, representing an increase from 436,770 accounts assigned to 19 DCAs in the first half of 2024. A total of 34 complaints were received against 7 DCAs by 12 AIs, with an incidence rate of 0.06 complaints per 1,000 accounts assigned—consistent with the first half of 2024. Five complaints were lodged by unrelated third parties, and no breaches of the Code of Banking Practice were reported.
Regulatory Reminder for Authorized Institutions
The HKMA reiterated that AIs must maintain robust systems and controls to vigilantly monitor DCAs' activities, ensuring compliance with regulatory requirements and fair customer treatment. This reminder follows the observed increase in accounts assigned to DCAs and the stable complaint incidence rate, underscoring the need for heightened oversight to prevent potential misconduct.
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