Thursday, April 12, 2012

Pawn shops advised to be cautious with advertisements

SINGAPORE: The Singapore Pawnbrokers' Association has issued a directive to its members to be more cautious with their advertisements, saying that it should not be misleading or give false information.

The move follows the government's announcement on Monday that it will look into introducing measures to regulate pawn shop advertisements.

The association said it welcomes any new guidelines, and will advise members and non-members to conform to the new rules.

Mr Ivan Ho Khiam Seng, President of the Singapore Pawnbrokers' Association, said: "There's still the grey area that we have to be cautious because pawnbroking business is actually providing, merely by collecting the collateral as the pledges, and rendering the pawnbroking services and not outright purchasing of any valuables. So the advertisement should be restricted to provide true and fair information of the pawnbroking nature."

View the original article here

Source From Channel News Asia

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