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SBV to inspect FE Credit over allegations of client harassment
Wednesday,  May 16, 2018,22:02 (GMT+7)

SBV to inspect FE Credit over allegations of client harassment

HCMC – The State Bank of Vietnam Banking Supervision Agency will launch an inspection of FE Credit this year, a finance company under VPBank, for allegedly harassing clients after multiple complaints that the firm has been pestering customers with too many phone calls, Tuoi Tre Online reports.

The banking supervision agency said it would look into all complaints following a document from the Vietnam Competition and Consumer Protection documenting accusations by consumers.

Earlier, the consumer protection agency sent a document summing up customers’ complaints,  saying that FE Credit has used threats to collect debts related to loans taken out to purchase Deaura cosmetics. In addition, regarding some cases in which customers were not qualified to get loans or had unstable incomes, the finance company still disbursed the money.

FE Credit, responding to those complaints on Monday afternoon, said it has complied to all regulations, and disbursed loans for buying Deaura cosmetics only when the customers have met all requirements, and after they had received products according to loan requests.

The firm, however, also admitted to certain misbehavior via phone calls of its debt collectors which violates customer treatment rules, causing dissatisfaction among clients. It said it would take measures to remedy anything wrong.

The Vietnam Competition and Consumer Protection has warned customers against getting loans from finance companies as they normally make ill-informed decisions due to lack of information.

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