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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

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...

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Main Authors: Ilias, Ibtisam @ Ilyana, Hassan, Rusni, Kassim, Salina, Abu Bakar, Elistina
Format: Conference or Workshop Item
Language:English
Published: 2017
Subjects:
HG1501 Banking
HG3368 Islamic Banking and Finance
K Law (General)
KPG Malaysia
Online Access:http://irep.iium.edu.my/64690/10/64690%20Protection%20of%20Financial%20Consumer%20in%20Consumer%20Credit%20Industry.pdf
http://irep.iium.edu.my/64690/
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spelling my.iium.irep.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 Conference or Workshop Item 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)
institution Universiti Islam Antarabangsa Malaysia
building IIUM Library
collection Institutional Repository
continent Asia
country Malaysia
content_provider International Islamic University Malaysia
content_source IIUM Repository (IREP)
url_provider http://irep.iium.edu.my/
language English
topic HG1501 Banking
HG3368 Islamic Banking and Finance
K Law (General)
KPG Malaysia
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
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.
format Conference or Workshop Item
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
title 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_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_sort protection of financial consumer in consumer credit industry: the role of central bank of malaysia under the financial services act 2013
publishDate 2017
url http://irep.iium.edu.my/64690/10/64690%20Protection%20of%20Financial%20Consumer%20in%20Consumer%20Credit%20Industry.pdf
http://irep.iium.edu.my/64690/
_version_ 1643617452259540992
score 13.211869

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