FRA working on Consumer Credit Act, expect to see a draft circulating in the coming week
**#4 LEGISLATION WATCH- FRA working on Consumer Credit Act: The Financial Regulatory Authority (FRA) is driving the drafting of a new law that would govern retail financing and consumer credit, FRA head Mohamed Omran told Amwal Al Ghad. He was not specific on what the law would entail, or how it would impact and regulate the nation’s booming consumer finance industry.
We’ll know more soon: Omran said a draft of the bill will be put out for public consultation sometime in the coming week. The CBE had cited a lack of regulation in the consumer finance market as one of the reasons why it stepped earlier this month with a directive to banks aiming to regulate their exposure to companies that sell on installments consumer goods such as appliances and automobiles.