Hong Kong Business News

With a view to enhancing the regulation of licensed money lenders, the Government today began a public consultation to gather views from the community.

Secretary for Financial Services & the Treasury Christopher Hui said the Government has been monitoring the money lending market and reviewing prevailing regulatory measures with the aim of inducing more responsible lending behaviour.

“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 proposed measures include enhancing regulation of unsecured personal loans, and strengthening protection for loan referees.

Other proposals involve optimising and improving borrower affordability assessments for unsecured personal loans, strengthening the complaint handling process, stepping up publicity and education, and enhancing the regulatory regime in relation to money lenders.

Members of the public can submit their views by post to 15/F, Queensway Government Offices, 66 Queensway, Hong Kong, or by email on or before August 22.