The Securities and Exchange Commission (SEC) has fined Global Dominion Financing Inc. ₱50,000 for engaging in abusive and unfair debt collection practices, citing violations of the Financial Products and Services Consumer Protection Act.
The SEC said the penalty arose from a borrower’s complaint alleging harassment by the firm’s third-party collection agents over delayed payments. Reported acts included intercepting the borrower on the road to demand payment and sending repeated text messages pressuring him to settle partial amounts while hinting at negative consequences for non-compliance. The SEC ruled that such actions—especially roadside confrontations without court authority—are intimidating, coercive, and unlawful.
The commission warned Global Dominion to strictly comply with fair and consumer-protective collection standards, cautioning that repeat violations could lead to heavier fines, suspension, or revocation of its license. The SEC also stressed that firms cannot dodge liability by blaming collection agents, underscoring the solidary responsibility of lending companies and their accredited third-party service providers.
