THE Securities and Exchange Commission (SEC) has ordered six financial and lending institutions to cease operations for failing to comply with the agency's requirements in accordance with the Financial Products and Services Consumer Protection Act.

The regulator said that 9F Lending Philippines Inc. failed to submit its impact evaluation report before January 15 starting last year.

Elending Lending Inc., meanwhile, did not send an official email and contact number, while Hovono Lending Corp. refused to disclose its advertisements and reporting of online lending platforms.

Makati Loan Inc. never presented its system for handling complaints, and Tekwang Lending Corp. failed to provide a list of Third-Party service providers.

Second Pay Financing Inc also received the order for failure to register with the Credit Information Corp.

"These financing and lending companies, including their owners, operators, promoters, representatives, and agents are directed to immediately cease and desist from engaging in, carrying out, promoting, which includes offering and advertising their lending business through the internet and/or any other media, and facilitating any lending activity or transaction," the SEC said.

Read The Rest at :