HC Consumer Finance fined for abusive debt collection

Securities and Exchange Commission (SEC) Headquarters in Makati. INQUIRER.net FILE PHOTO

MANILA, Philippines – The Securities and Exchange Commission (SEC) has imposed a P50,000 fine on HC Consumer Finance Philippines Inc. after finding the lending company liable for unfair debt collection practices.

In an order dated June 3, the SEC’s Financing and Lending Companies Department said HC Consumer Finance violated SEC Memorandum Circular (MC) No. 18, Series of 2019, which prohibits unfair debt collection practices, and MC 5, Series of 2023, which spells out the implementing rules of the Financial Products and Services Consumer Protection Act (FCPA) of 2022.

READ: SEC cracks down on illegal online lending platforms

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HC Consumer Finance fined for abusive debt collection

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