The Securities and Exchange Commission on Monday bared coming down hard on an online lender for abuses allegedly committed while lending.
The regulator seized computer data of online lending firm Realm Shifters BPO Services/FESL BPO Services in Pasig jointly conducted on 16 May this year by the SEC Enforcement and Investor Protection Department and Philippine National Police Anti-Cybercrime Group.
The Pasig City Regional Trial Court issued a search warrant against Salvador Jennifer Mangubat, its registered owner along with its managers, supervisors, team leaders, operators and office occupants for misuse of electronic devices penalized under the Cybercrime Prevention Act of 2012.
The SEC said has been receiving numerous complaints against online lending operators for various violations of Republic Act 9474, or the Lending Company Regulation Act, and for abusive debt collection practices in violation of SEC memorandum circular on the prohibition on unfair debt collection practices of financing and lending companies.
The SEC said those who engage in abusive debt collection practices will be criminally prosecuted.
Financial services providers are obligated to respect the privacy and protect the data of consumers and inform consumers if their data is shared with third parties.
