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HKMA reports complaints about collectors on the rise

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The Hong Kong Monetary Authority has seen a rise in complaints about banks using debt-collection agencies to recover overdue loans.

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The authority did not give figures.

A survey in August showed 62 banks employed debt collectors, up from 60 in February.

'The rising number of complaints has already aroused public concern about the improper behaviour of debt collection agencies,' the authority said.

It urged all banks to follow the Code of Banking Practice's requirements on use of debt collectors.

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The survey was the authority's second on compliance with the code since it was implemented in July last year.

The code aims to provide guidelines to help banks to improve their services to customers and their use of agencies.

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