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Regulators in Australia investigate the debt collection industry

The Australian Competition and Consumer Commission (ACCC) and the Australian Securities and Investments Commission (ASIC) have launched an investigation into the debt collection industry to learn how the industry functions. Both regulators are concerned about the dodgy practices of debt collectors in Australia. The ACCC will report its findings mid-2015. Read more.. Source: Government News,…

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private-collectors

ATO cops criticism for seeking external debt collection help – Accountants daily

The Australian Tax Office (ATO) has come under fire from a union official for expressing interest in sourcing private debt collection agencies. The ATO is seeking to reduce Commonwealth debts, strategies to prevent future debts and deliver services nation wide. The union official has been quoted saying these private collection companies will not be covered…

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thailand debt collection law changes

New debt collection law in Thailand aims to reel in loan sharks – Bangkok Post

It is a common trait for creditors eg.financial instituions to hire third parties to collect debts. The rapid growth of the debt collection industry has caused several issues due to lack of guidelines on the procedures and ethics. The Financial Consumer Protection Centre in Thailand has received numerous complaints of unethical and illegal debt collection…

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