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...

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Main Authors:	Hassan, Rusni, Kassim, Salina, Abu Bakar, Elistina, Ilias, Ibtisam @ Ilyana
Format:	Conference or Workshop Item
Language:	English English
Published:	2018
Subjects:	H Social Sciences (General) HG Finance HG3368 Islamic Banking and Finance K Law (General) KPG Malaysia
Online Access:	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

id	iium-64694
recordtype	eprints
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 Conference or Workshop Item 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/
repository_type	Digital Repository
institution_category	Local University
institution	International Islamic University Malaysia
building	IIUM Repository
collection	Online Access
language	English English
topic	H Social Sciences (General) HG Finance HG3368 Islamic Banking and Finance K Law (General) KPG Malaysia
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
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.
format	Conference or Workshop Item
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
title	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_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_sort	enforcing consumer protection law in malaysian consumer credit arena: evaluating the enforcement powers of different regulators
publishDate	2018
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
first_indexed	2023-09-18T21:31:48Z
last_indexed	2023-09-18T21:31:48Z
_version_	1777412560643948544

Enforcing consumer protection law in Malaysian consumer credit arena: evaluating the enforcement powers of different regulators

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