We strongly urge the immediate enactment of the proposed Financial Consumer Protection
The intricate development of financial products and services resulting from advancements
in technology has opened countless opportunities for financial markets and consumers
alike. It also poses new risks, particularly to financial consumers.
Reality has shown how financial products, including financial services accessed through
digital channels, are susceptible to fraud or used for fraudulent purposes.
Thus, it is of paramount importance to legislate reforms in the financial sector which will
ensure that appropriate mechanisms are in place to protect the interest of financial
consumers amidst the growing complexity of financial products and services.
The FCP bill proposes to establish a comprehensive financial consumer protection
framework covering a complex range of financial products and services, and delivery
channels. The measure intends to address the lack of consumer protection mechanism
related to the provision of financial products and services especially digital financial
The proposed FCP act, among other things, will vest financial regulators with powers to
determine the reasonableness of interests, fees or charges of financial products or
services, issue cease and desist orders, and suspend operations of financial service
providers in relation to a particular financial product or service.
The proposed FCP act shall also allow financial regulators to expedite the adjudication of
monetary claims arising from financial transactions, which will significantly help the financial
consumers to seek redress and recover their losses from their financial transaction in an
efficient and speedy manner.
Thus, we strongly urge the immediate enactment of the FCP bill into law not only to
address the economic hardship being encountered by the public during this challenging