Head Topics

Stricter rules for debt collectors may create 'loopholes' for debtors to dodge payments, firms say

  • 📰 TODAYonline
  • ⏱ Reading Time:
  • 43 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 21%
  • Publisher: 99%

Singapore Headlines News

Singapore Latest News,Singapore Headlines

SINGAPORE — Proposed laws to regulate debt collection activities in Singapore could help raise standards across the industry, but some companies worry that there are unintended effects such as debtors using these laws to dodge payments.

to regulate debt collection activities.

The police will be given the powers to administer and enforce the licensing regime — such as granting and or refusing license applications, modifying licensing and approval conditions, and suspending or revoking licences or approvals. Mr Israel Shankar Ganesh, deputy chief executive officer and head of legal at debt collection firm JMS Rogers Global, told TODAY that the company supports the proposed legislations and believes that it will promote industry standards.

"We should not ignore the fact that too many restrictions will increase the difficulty of debt recovery jobs. The truth is, there are many people out there defaulting on payments and looking for loopholes to escape what they owe," she added. Mr Chin said that most debt collectors leave the industry after three months, usually because of the stress of the job.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 1. in SG

Singapore Latest News, Singapore Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.


Source: BusinessTimes - 🏆 15. / 51 Read more »

Overlapping rules to curb greenwashing may only add to company frustration
Source: STForeignDesk - 🏆 4. / 71 Read more »

Govt proposes legislation on debt collection, amid rise in police reports against collectors who ‘caused alarm and nuisance’SINGAPORE — The Government is looking to introduce legislation to regulate debt collection activities in Singapore, following a 'high number of police reports' on debt collectors who act 'in a manner that caused alarm and nuisance to members of the public' in the past few years.
Source: TODAYonline - 🏆 1. / 99 Read more »

Starbucks could be closing its bathrooms soon - The Independent NewsCoffee conglomerate Starbucks says it may not allow the public to use its bathrooms anymore. It’s CEO Howard Schultz said that the company may be changing its policy to address the safety of the staff. Starbucks CEO Howard Schultz says his company might not be able to keep its bathrooms open to the general public. …
Source: IndependentSG - 🏆 9. / 63 Read more »

Ukrainian lawmakers on US visit accuse Russians of sanctions dodge using Georgia
Source: STForeignDesk - 🏆 4. / 71 Read more »

Debt collection agencies in S'pore must have police licence to operate under proposed law
Source: straits_times - 🏆 5. / 69 Read more »