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Singapore MAS Proposes Enhanced Oversight of Credit Bureaus

The Monetary Authority of Singapore (MAS) has published a consultation paper on proposals to strengthen oversight of credit bureaus. As credit bureaus collect increasing and more detailed borrower credit information from banks, MAS proposes to subject them to formal oversight under a new Credit Bureau Bill, so as to safeguard sensitive borrower credit information and protect consumers’ interests. Under the proposed ... Read More »

Jailed, Fined, Deported: When a Business Investigation in China Goes Wrong

The British corporate investigator who worked for GlaxoSmithKline, Peter Humphrey, has been sentenced to two-and-a-half years in prison for illegally obtaining private information on  Chinese citizens.  He was fined £19,000 for sourcing the data for an investigation report, and will be deported from the country after serving his sentence. His US-citizen wife – who worked alongside him – was sentenced ... Read More »

RBI Mandates ARCs to Provide Data to Credit Bureaus

A day after it tightened the norms for asset reconstruction companies (ARCs), the Reserve Bank of India (RBI) asked ARCs to become a member of at least one credit information company (CIC), and periodically report the data on the borrowers to them. The banking watchdog said the securitisation companies (SCs) and asset reconstruction companies (ARCs) should put up details of suit filed ... Read More »

Data Protection May Cause GDP Contraction

The Financial Times (FT) published on August 5th, 2014 a provocative analysis of the effects of Data Protectionism’ on GDP growth.   The FT opines that there is a strong possibility of a significant GDP contraction as a result of local data protection rules.  The contraction in the EU, China, South Korea could be as much as 1.1% (assuming full data ... Read More »

Regulatory Strategies Recognized with UK Data Protection Consultancy of the Year 2014 Award

BIIA is delighted to learn that Regulatory Strategies has been independently recognized by Acquisition Finance magazine (ACQ) with the UK Data Protection Consultancy of the Year 2014 Award   Congratulations to Mike Bradford and his team!  Regulatory Strategies Founder Mike Bradford is an acknowledged expert in UK and international regulatory and consumer affairs, compliance and data protection, combining a strategic ... Read More »

PBOC Tells Financial Institutions to Share Customer Data

The People’s Bank of China is planning to force public credit reference agencies to share their information if they wish to obtain a license. Wang Xiaolei, deputy chief of the People’s Bank of China’s credit reference department, said that there is data on about 800 million people in the bank’s database, but it only has credit history records for 300 ... Read More »

UK Regulator to Clean Up Payday Lending Industry

New Payday Loan Rules Come Into Force New rules that came into force on in the UK to limit payday lenders to two so-called “rollovers” – a common practice where loans are extended and fees charged if a customer fails to repay.  They also ban providers from attempting to take missed payments direct from customers’ bank accounts or credit cards ... Read More »

UK Banks Accused of Misleading Debt Collection Practices

Right on the heels of the Wonga scandal UK banks will face an investigation about sending letters which appear to be from independent lawyers or bailiffs coercing  them to pay off their debts. Three of Britain’s biggest banks – Royal Bank of Scotland, Lloyds and HSBC – have regularly sent customers letters on paper headed with the names of law ... Read More »

India: Ministry of Corporate Affairs to Enforce Disclosure Compliance

India ramps up its enforcement of compliance in regard to accuracy and timeliness of company filings.  The Ministry of Corporate Affairs says that incorrect information in company filings to attract strict action!  This is a long overdue move to improve transparency. To curb instances of companies submitting misleading information in their filings, the government has said that strict action will ... Read More »