July 23, 2019 2:31 PM

Consumer Credit Act to be put on fast track

KUALA LUMPUR: The government will speed up the formulation of the Consumer Credit Act to protect the interests of consumers and promote a healthy credit market, Tun Dr Mahathir Mohamad said.

The Prime Minister said the Act is important to ensure credit users receive fair treatment when dealing with creditors.

Dr Mahathir Mohamad

“(It will be tabled in Parliament) This year, as soon as possible,” he told reporters after launching the National Strategy for Financial Literacy 2019-2023, here today.

Earlier in his keynote address, Dr Mahathir said the Act was being drafted through the cooperation of the Ministry of Domestic Trade and Consumer Affairs, the Ministry of Housing and Local Government, the Ministry of Entrepreneur Development, Bank Negara Malaysia, Securities Commission Malaysia, and other agencies related.

On the launch of the National Strategy for Financial Literacy, he said it would complement the Act in protecting credit users in the country.

“The effort to enhance financial literacy has become very important and is complementary to the Consumer Credit Act initiative to strengthen the credit consumer protection framework in Malaysia,” he said.

He said the ability to make financial decisions wisely is not only relevant when it comes to making loans or buying financial products alone.

“The ability to make sound financial decisions in buying insurance protection, investing and managing earnings will certainly would help the people to live without financial pressure,” he said. – Bernama