Protection of financial consumer in consumer credit industry: The role of Central Bank of Malaysia under the Financial Services Act 2013
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 ext...
| Main Authors: | , , , |
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| Format: | Proceeding Paper |
| Language: | English |
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2017
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| Subjects: | |
| Online Access: | http://irep.iium.edu.my/64690/ http://irep.iium.edu.my/64690/10/64690%20Protection%20of%20Financial%20Consumer%20in%20Consumer%20Credit%20Industry.pdf |
| _version_ | 1848786259447644160 |
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| author | Ilias, Ibtisam @ Ilyana Hassan, Rusni Kassim, Salina Abu Bakar, Elistina |
| author_facet | Ilias, Ibtisam @ Ilyana Hassan, Rusni Kassim, Salina Abu Bakar, Elistina |
| author_sort | Ilias, Ibtisam @ Ilyana |
| building | IIUM Repository |
| collection | Online Access |
| description | 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. |
| first_indexed | 2025-11-14T17:06:12Z |
| format | Proceeding Paper |
| id | iium-64690 |
| institution | International Islamic University Malaysia |
| institution_category | Local University |
| language | English |
| last_indexed | 2025-11-14T17:06:12Z |
| publishDate | 2017 |
| recordtype | eprints |
| repository_type | Digital Repository |
| spelling | iium-646902018-08-29T08:16:14Z http://irep.iium.edu.my/64690/ Protection of financial consumer in consumer credit industry: The role of Central Bank of Malaysia under the Financial Services Act 2013 Ilias, Ibtisam @ Ilyana Hassan, Rusni Kassim, Salina Abu Bakar, Elistina HG1501 Banking HG3368 Islamic Banking and Finance K Law (General) KPG Malaysia 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. 2017 Proceeding Paper NonPeerReviewed application/pdf en http://irep.iium.edu.my/64690/10/64690%20Protection%20of%20Financial%20Consumer%20in%20Consumer%20Credit%20Industry.pdf 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) |
| spellingShingle | HG1501 Banking HG3368 Islamic Banking and Finance K Law (General) KPG Malaysia Ilias, Ibtisam @ Ilyana Hassan, Rusni Kassim, Salina Abu Bakar, Elistina Protection of financial consumer in consumer credit industry: The role of Central Bank of Malaysia under the Financial Services Act 2013 |
| title | Protection of financial consumer in consumer credit industry:
The role of Central Bank of Malaysia under the Financial Services Act 2013 |
| title_full | Protection of financial consumer in consumer credit industry:
The role of Central Bank of Malaysia under the Financial Services Act 2013 |
| title_fullStr | Protection of financial consumer in consumer credit industry:
The role of Central Bank of Malaysia under the Financial Services Act 2013 |
| title_full_unstemmed | Protection of financial consumer in consumer credit industry:
The role of Central Bank of Malaysia under the Financial Services Act 2013 |
| title_short | Protection of financial consumer in consumer credit industry:
The role of Central Bank of Malaysia under the Financial Services Act 2013 |
| title_sort | protection of financial consumer in consumer credit industry:
the role of central bank of malaysia under the financial services act 2013 |
| topic | HG1501 Banking HG3368 Islamic Banking and Finance K Law (General) KPG Malaysia |
| url | http://irep.iium.edu.my/64690/ http://irep.iium.edu.my/64690/10/64690%20Protection%20of%20Financial%20Consumer%20in%20Consumer%20Credit%20Industry.pdf |