Alice Mak
A lawmaker from the Federation of Trade Unions says the government needs to tighten the Moneylenders' Ordinance to clamp down on scammers and loan sharks.
Alice Mak says that phone scammers and loan sharks are having a field day, and damaging Hong Kong's reputation as a financial centre.
Speaking on RTHK's Letter to Hong Kong, she says that in the past year alone she has received 161 complaints about loan scams amounting to HK$171 million in which HK$48 million was attributed to fees for what she termed "blood-sucking consultants". She said she has referred the cases to the police and to the Privacy Commissioner.
She says that in one case a victim borrowed HK$3 million and the deal provided for a HK$2 million consultant fee.
Mak says she wants the government to comprehensively reform the Moneylenders' Ordinance and to expand its scope to cover consultants, as well as overhaul the licensing and supervision system to hold loan companies and employees accountable. She said she also wanted a grace period for loans to protect borrowers.
She says the government should also offer objective refinancing advice and strengthen its arbitration system.
She says it must also review regulations on access to the public registry, particularly the Land Registry and personal credit records kept by banks, noting that the moneylenders are targeting homeowners.
Alice Mak says that phone scammers and loan sharks are having a field day, and damaging Hong Kong's reputation as a financial centre.
Speaking on RTHK's Letter to Hong Kong, she says that in the past year alone she has received 161 complaints about loan scams amounting to HK$171 million in which HK$48 million was attributed to fees for what she termed "blood-sucking consultants". She said she has referred the cases to the police and to the Privacy Commissioner.
She says that in one case a victim borrowed HK$3 million and the deal provided for a HK$2 million consultant fee.
Mak says she wants the government to comprehensively reform the Moneylenders' Ordinance and to expand its scope to cover consultants, as well as overhaul the licensing and supervision system to hold loan companies and employees accountable. She said she also wanted a grace period for loans to protect borrowers.
She says the government should also offer objective refinancing advice and strengthen its arbitration system.
She says it must also review regulations on access to the public registry, particularly the Land Registry and personal credit records kept by banks, noting that the moneylenders are targeting homeowners.
http://news.rthk.hk/rthk/en/component/k2/1230807-20151220.htm
