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Protection of financial consumer in consumer credit industry: The role of Central Bank of Malaysia under the Financial Services Act 2013

Ilias, Ibtisam @ Ilyana and Hassan, Rusni and Kassim, Salina and Abu Bakar, Elistina (2017) Protection of financial consumer in consumer credit industry: The role of Central Bank of Malaysia under the Financial Services Act 2013. In: 21st MACFEA (The Malaysian Consumer and Family Economics Association) National Seminar 2017, 14th December-15th December 2017, Kuala Lumpur. (Unpublished)

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Abstract

This paper explores the role of the central bank of Malaysia or Bank Negara Malaysia (BNM) in protecting the interest of financial consumer in consumer credit industry. Regulatory functions and enforcement powers conferred by the Financial Services Act 2013 (FSA) have been scrutinised. Despite extensive power, the paper discovers some weaknesses on sole reliance to BNM to enforce the FSA and the associated regulatory instruments. This study recommends for the establishment of a single consumer credit law regulated to be governed by a single regulator; an approach adopted by Australia which is acknowledged as having a strong consumer protection regime.

Item Type: Conference or Workshop Item (Plenary Papers)
Additional Information: 1525/64690
Uncontrolled Keywords: Financial Consumer, Regulator, Consumer Credit
Subjects: H Social Sciences > HG Finance > HG1501 Banking
H Social Sciences > HG Finance > HG3368 Islamic Banking and Finance
K Law > K Law (General)
K Law > KPG Malaysia
Kulliyyahs/Centres/Divisions/Institutes (Can select more than one option. Press CONTROL button): Institute of Islamic Banking & Finance (IIiBF)
Depositing User: Dr Rusni Hassan
Date Deposited: 29 Aug 2018 16:16
Last Modified: 29 Aug 2018 16:16
URI: http://irep.iium.edu.my/id/eprint/64690

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