Enforcing consumer protection law in Malaysian consumer credit arena: evaluating the enforcement powers of different regulators
This paper attempts to analyse the enforcement aspect of consumer protection law by different regulators in consumer credit arena in Malaysia. The scope is restricted to agencies regulating four major consumer credit institutions namely banking, hire-purchase, moneylending and pawnbroking. Specifica...
| Main Authors: | , , , |
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| Format: | Proceeding Paper |
| Language: | English English |
| Published: |
2018
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| Subjects: | |
| Online Access: | http://irep.iium.edu.my/64694/ http://irep.iium.edu.my/64694/1/Enforcing%20Consumer%20Protection%20Law.pdf http://irep.iium.edu.my/64694/2/Enforcing%20Consumer%20Protection%20-%20paper.pdf |
| _version_ | 1848786260618903552 |
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| author | Hassan, Rusni Kassim, Salina Abu Bakar, Elistina Ilias, Ibtisam @ Ilyana |
| author_facet | Hassan, Rusni Kassim, Salina Abu Bakar, Elistina Ilias, Ibtisam @ Ilyana |
| author_sort | Hassan, Rusni |
| building | IIUM Repository |
| collection | Online Access |
| description | This paper attempts to analyse the enforcement aspect of consumer protection law by different regulators in consumer credit arena in Malaysia. The scope is restricted to agencies regulating four major consumer credit institutions namely banking, hire-purchase, moneylending and pawnbroking. Specifically, the enforcement agencies are the Central Bank of Malaysia, the Ministry of Domestic Trade and Consumer Affairs and the Ministry of Housing and Local Government. By confining the scope of enforcement action executed by these public agencies, private and collective enforcement is thereby excluded. Consequent to this piecemeal approach, enforcement activities are pursued with different zest not only due to different statutory powers but other factors including human and financial resources constraints and priorities of each regulator. The research finds that entrusting different regulators with different statutory powers and human resources causes different level of protection accorded to various groups of financial consumers which may be inferior or superior than the other. Therefore, to enable uniformity, establishing a single regulator is viewed as a viable approach. This mechanism has been adopted by several countries renowned with strong consumer protection regime such as Australia, the United Kingdom and South Africa. |
| first_indexed | 2025-11-14T17:06:13Z |
| format | Proceeding Paper |
| id | iium-64694 |
| institution | International Islamic University Malaysia |
| institution_category | Local University |
| language | English English |
| last_indexed | 2025-11-14T17:06:13Z |
| publishDate | 2018 |
| recordtype | eprints |
| repository_type | Digital Repository |
| spelling | iium-646942018-07-25T04:24:57Z http://irep.iium.edu.my/64694/ Enforcing consumer protection law in Malaysian consumer credit arena: evaluating the enforcement powers of different regulators Hassan, Rusni Kassim, Salina Abu Bakar, Elistina Ilias, Ibtisam @ Ilyana H Social Sciences (General) HG Finance HG3368 Islamic Banking and Finance K Law (General) KPG Malaysia This paper attempts to analyse the enforcement aspect of consumer protection law by different regulators in consumer credit arena in Malaysia. The scope is restricted to agencies regulating four major consumer credit institutions namely banking, hire-purchase, moneylending and pawnbroking. Specifically, the enforcement agencies are the Central Bank of Malaysia, the Ministry of Domestic Trade and Consumer Affairs and the Ministry of Housing and Local Government. By confining the scope of enforcement action executed by these public agencies, private and collective enforcement is thereby excluded. Consequent to this piecemeal approach, enforcement activities are pursued with different zest not only due to different statutory powers but other factors including human and financial resources constraints and priorities of each regulator. The research finds that entrusting different regulators with different statutory powers and human resources causes different level of protection accorded to various groups of financial consumers which may be inferior or superior than the other. Therefore, to enable uniformity, establishing a single regulator is viewed as a viable approach. This mechanism has been adopted by several countries renowned with strong consumer protection regime such as Australia, the United Kingdom and South Africa. 2018-08-20 Proceeding Paper PeerReviewed application/pdf en http://irep.iium.edu.my/64694/1/Enforcing%20Consumer%20Protection%20Law.pdf application/pdf en http://irep.iium.edu.my/64694/2/Enforcing%20Consumer%20Protection%20-%20paper.pdf Hassan, Rusni and Kassim, Salina and Abu Bakar, Elistina and Ilias, Ibtisam @ Ilyana (2018) Enforcing consumer protection law in Malaysian consumer credit arena: evaluating the enforcement powers of different regulators. In: The 7th Global Conference on Business and Social Sciences (GCBSS 2018), 20th-21st August 2018, Colombo, Sri Lanka. (Unpublished) http://gcbss.org/cimssr2018/ |
| spellingShingle | H Social Sciences (General) HG Finance HG3368 Islamic Banking and Finance K Law (General) KPG Malaysia Hassan, Rusni Kassim, Salina Abu Bakar, Elistina Ilias, Ibtisam @ Ilyana Enforcing consumer protection law in Malaysian consumer credit arena: evaluating the enforcement powers of different regulators |
| title | Enforcing consumer protection law in Malaysian consumer credit arena: evaluating the enforcement powers of different regulators |
| title_full | Enforcing consumer protection law in Malaysian consumer credit arena: evaluating the enforcement powers of different regulators |
| title_fullStr | Enforcing consumer protection law in Malaysian consumer credit arena: evaluating the enforcement powers of different regulators |
| title_full_unstemmed | Enforcing consumer protection law in Malaysian consumer credit arena: evaluating the enforcement powers of different regulators |
| title_short | Enforcing consumer protection law in Malaysian consumer credit arena: evaluating the enforcement powers of different regulators |
| title_sort | enforcing consumer protection law in malaysian consumer credit arena: evaluating the enforcement powers of different regulators |
| topic | H Social Sciences (General) HG Finance HG3368 Islamic Banking and Finance K Law (General) KPG Malaysia |
| url | http://irep.iium.edu.my/64694/ http://irep.iium.edu.my/64694/ http://irep.iium.edu.my/64694/1/Enforcing%20Consumer%20Protection%20Law.pdf http://irep.iium.edu.my/64694/2/Enforcing%20Consumer%20Protection%20-%20paper.pdf |