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Complaint management and redress mechanism: the effect of fragmented institutional approach in regulating consumer credit in Malaysia

Hassan, Rusni and Kassim, Salina and Hingun, Mohsin and Abu Bakar, Elistina and Ilias, Ibtisam @ Ilyana (2018) Complaint management and redress mechanism: the effect of fragmented institutional approach in regulating consumer credit in Malaysia. In: 4th International Conference on Arts, Education and Social Science, 23rd-25th March 2018, Melbourne, Australia. (Unpublished)

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Abstract

Complaint management and redress mechanism constitute a cardinal element of financial consumer protection which should be provided by financial consumer protection regulator. This study explores the role of the Central Bank of Malaysia, Ministry of Domestic Trade, Co-operatives and Consumerism as well as Ministry of Urban Wellbeing, Housing and Local Government to ensure proper complaint management and redress mechanism in favour of financial consumers of a different segment of consumer credit. Applying doctrinal, qualitative and comparative research methodology, the study finds that as a result of fragmented approach in regulating consumer credit in Malaysia, these aspects are pursued with different priorities and enthusiasm by respective regulators. Thus, the benefit of protection varies from one class of financial consumers to another. To ensure consistency and efficient protection, the study proposes for the establishment of a single regulator, the approach adopted by Australia, a jurisdiction renowned with an established track record in financial consumer protection regime.

Item Type: Conference or Workshop Item (Plenary Papers)
Additional Information: 1525/64693
Uncontrolled Keywords: financial consumer protection, consumer credit, complaint management, redress mechanism
Subjects: H Social Sciences > HG Finance
H Social Sciences > HG Finance > HG3368 Islamic Banking and Finance
H Social Sciences > HG Finance > HG3691 Credit
K Law > KPG Malaysia
Kulliyyahs/Centres/Divisions/Institutes: Institute of Islamic Banking & Finance (IIiBF)
Ahmad Ibrahim Kulliyyah of Laws
Ahmad Ibrahim Kulliyyah of Laws > Department of Civil Law
Depositing User: Dr Salina Kassim
Date Deposited: 25 Jul 2018 14:41
Last Modified: 25 Jul 2018 14:41
URI: http://irep.iium.edu.my/id/eprint/64693

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