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Derrick Goh on Debt Collection Bill

04:56 Min

Under a new Bill to regulate the debt collection industry, a wide variety of businesses will be allowed class licensing to minimise their regulatory burden. They range from banks and credit card companies to moneylenders. Noting that moneylenders are generally less sophisticated, with fewer resources than banks, MP Derrick Goh suggested differentiating class licences between institutions that are regulated by the Monetary Authority of Singapore and those that are not, so that licensing conditions are appropriate to their risk profile. In Parliament on Tuesday (Sep 13), he also asked if ex-offenders who have been rehabilitated will be allowed to work as debt collectors under the new regime and, if so, under what parameters. Mr Goh also wanted to know if there will be safeguards against frivolous or malicious complaints made by debtors against debt collectors.

Under a new Bill to regulate the debt collection industry, a wide variety of businesses will be allowed class licensing to minimise their regulatory burden. They range from banks and credit card companies to moneylenders. Noting that moneylenders are generally less sophisticated, with fewer resources than banks, MP Derrick Goh suggested differentiating class licences between institutions that are regulated by the Monetary Authority of Singapore and those that are not, so that licensing conditions are appropriate to their risk profile. In Parliament on Tuesday (Sep 13), he also asked if ex-offenders who have been rehabilitated will be allowed to work as debt collectors under the new regime and, if so, under what parameters. Mr Goh also wanted to know if there will be safeguards against frivolous or malicious complaints made by debtors against debt collectors.

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