November 3, 2017
SEC EN BANC CASE NO. 09-09-176
CHRISTINA S. FABIAN, complainant-appellee, vs. LLOYD'S FINANCING CORPORATION, respondent-appellant.
DECISION
On 18 September 2009, Lloyd's Financing Corporation (Lloyd) filed an Appeal 1 before the Commission En Banc assailing the Resolution dated 25 August 2009 issued by Director Justina F. Callangan of the Corporation Finance Department (CFD), (now Corporate Governance and Finance Department), the dispositive portion of which reads as follows:
In view of the Respondent's non-compliance with the requirement of SEC Memorandum Circular No. 003, Series of 2001 for its failure to fully and properly disclose the true cost of credit to the borrower, Lloyd's Finance Corporation is hereby assessed a basic fine of P20,000.00 plus daily penalty of P4,900.00 computed from May 13, 2009 to July 2, 2009 computed at P100,00/day. n 2
Lloyd is directed to pay the same in cash or manager's check within five (5) days from receipt of the assessment. Lloyd is further directed to desist from defrauding its clients and to strictly comply with SEC Memorandum Circular No. 003, Series of 2001 (MC 3-01), which...
