- Measures aimed at further ensuring that moneylenders adopt and implement a responsible lending culture.
- Moneylenders to prompt consumers to consider alternatives, including cheaper options, to moneylending loans.
- Measures to reduce the possibility of consumers over-extending themselves when borrowing from moneylenders.
The Central Bank has published CP118 - Review of the Consumer Protection Code for Licensed Moneylenders, seeking feedback from consumers and other interested parties, proposing new measures which would enhance the framework of protections for customers of licensed moneylenders. As part of its review, the Central Bank is proposing new measures to include:
- Restricting the promotion of moneylending by targeted advertising or unsolicited contact.
- Requiring moneylenders to prompt consumers at relevant pre-contractual points that they should consider alternatives, including cheaper options, before taking out a moneylending loan (in addition to enhanced information and adver