Lending firm and comments section spammer Global Dominion Financing has been fined by the Securities and Exchange Commission (SEC) for abusive debt collection practices.
The somewhat shady company was ordered to pay an administrative fine of P 50,000 and was reprimanded to strictly comply with the fair, lawful, and consumer-protective debt collection standards, with a warning that repetition of such acts will be dealt with more severely, and may warrant higher monetary penalties, suspension, or revocation of its certificate of authority.
In a January 28 order, the SEC’s Financing and Lending Companies Department (FLCD) found that the company violated SEC Memorandum Circular No. 18, Series of 2019, and the implementing rules of Republic Act No. 11765, or the Financial Products and Services Consumer Protection Act (FCPA).
The case stemmed from a borrower’s complaint over the conduct of third-party collection agents. Apart from physically intercepting the borrower on the road to demand payment, agents allegedly sent repeated text messages pressing for immediate partial payments and hinting at adverse consequences in case of non-cooperation.
The SEC ruled that such electronic communications amounted to undue pressure and could undermine consumer protection mechanisms, particularly if they deter borrowers from seeking regulatory recourse. Intercepting a borrower without a court order or lawful authority was also deemed illegitimate and coercive.
Regulators stressed that financing firms remain liable for the acts of their accredited third-party service providers, including those using SMS and other digital tools for collections.
“[Global Dominion] cannot evade administrative accountability by attributing the prohibited acts to collection agents or third-party providers,” the order read, citing the FCPA’s framework on shared liability.
Lead photo was edited in a request made by Greenbulb Communications, PR firm of Global Dominion.
Have you tried Global Dominion Financing… loljk.
ReplyDeleteIn all seriousness though, get all your financing needs from a reputable bank. If you can’t get financing from a bank, you’re probably not ready for a loan. Don’t take that as a sign to borrow from these unscrupulous lenders. Rather, go and establish a relationship with a bank by opening a CASA account that will show your cash flow. You’ll be offered a loan in no time.
I was waiting for someone to comment that. Lol.
DeleteI agree. The MFs likes to impose unconscionable interest rates. All of them should be penalized, not only global dominion
DeleteWhere’s James Deakin?
ReplyDeleteI wonder what brand ambassador James Deakin's reaction to this news. Apparently he reacts to everything except to things that he is obviously guilty of.
ReplyDeleteReckless swerving, driving a vehicle without papers and now endorsing a very dubious company nevermind those let's talk about yellow lanes again. This is government's fault again
ReplyDeleteJames Deakin again.
ReplyDelete