Data Protection regulations start 2 Jul 2014

Posted on 5 Jul 2014 | Comments Off on Data Protection regulations start 2 Jul 2014

The Personal Data Protection Act 2012 (PDPA) is in full effect as of today, after an 18 month transition period for companies to prepare for compliance.

Organisations will now have to comply with rules in the Data Protection provisions of the PDPA, along with the Do Not Call provisions implemented on 2 January 2014.

Those who do not comply may be fined.

From 2 July 2014, organisations will have to notify individuals why their personal data is being collected, used or disclosed, and obtain their consent to do so.

However, they can continue to use personal data collected before today without obtaining fresh consent, unless the individual has asked the organisation to stop doing so.

Reasonable security arrangements must also be made to prevent any unauthorised activity to the personal data. In addition, individuals will now have the right to access and correct their personal data.

Leong Keng Thai, Chairman of the Personal Data Protection Commission (PDPC) said, “With increasingly more data being generated and shared, the PDPA is necessary in order to strengthen Singapore’s position as a trusted global data hub.”

In January 2014, PDPC released proposed advisory guidelines on the PDPA to scenarios faced in the real estate agency sector, and sought feedback on them.

Comments Off on Data Protection regulations start 2 Jul 2014

Posted in General

Tagged , ,

TDSR encourages prudent borrowing: MAS

Posted on 5 Jul 2014 | Comments Off on TDSR encourages prudent borrowing: MAS

There have been improvements to the risk profile of borrowers thanks to the Total Debt Servicing Ratio (TDSR) framework, according to the Monetary Authority of Singapore (MAS) in media reports.

Notably, more people are forking out a down payment of at least 30 percent, resulting in a lower debt quantum. The percentage of borrowers with a loan-to-value (LTV) ratio of more than 70 percent – or people who need a down payment of at least 30 percent – has fallen.

Wong Nai Seng, MAS Assistant Managing Director for policy, risk and surveillance, said in Q2 2010, this segment accounted for 77 percent of all housing loans taken out, but it dropped to 66 percent since 2012.

Moreover, the ratio of potentially over-leveraged borrowers has declined sharply. In 2011, the proportion of borrowers with two or more housing loans was at 30 percent, but it is now at 10 percent.

During the first 10 months of the TDSR, lending also decreased. In this period, an average of $2.3 billion mortgages was issued each month, down from $4 billion in the six months prior to its implementation.

“The TDSR is meant as a structural measure for the long term. It aims to strengthen underwriting standards of lenders and also to encourage financial prudence among borrowers and does that by matching the size of the loan to the borrowers’ payment (capacity) so they don’t take on too much borrowings,” said Wong.

Previous cooling measures, such as the tougher LTV rules, also played a role in improving the risk profile of borrowers.

Comments Off on TDSR encourages prudent borrowing: MAS

Posted in Loan / Mortgage / Finance

Tagged , , , , , ,