New panel to coordinate consumer credit rules

KUALA LUMPUR: Suruhanjaya Kredit Pengguna (SKP) has established an advisory committee to boost coordination among ministries, regulators and agencies in implementing the Consumer Credit Act 2025 (CCA).

The committee, established under Section 36 of the CCA, will discuss strategic issues relating to consumer protection, the consumer credit industry and implementation of the act.

"The committee's membership reflects a whole-of-government approach to implementing the CCA, bringing together expertise from ministries, regulators and agencies with key roles across the consumer credit ecosystem," it said.

SKP executive chairman Abu Hassan Alshari Yahaya said the committee would allow cross-sector issues to be addressed collectively and support consistent and coordinated implementation of the act.

"The committee's deliberations will help strengthen policy development and support SKP's role in advising the minister and the government on matters relating to the consumer credit sector," he said.

The committee is chaired by Abu Hassan and comprises senior representatives from the Finance Ministry, Housing and Local Government Ministry, Domestic Trade and Cost of Living Ministry, Entrepreneur Development and Cooperatives Ministry, Bank Negara Malaysia, Securities Commission and Malaysia Co-operative Societies Commission.

At its inaugural meeting on Wednesday, the committee discussed measures to improve transparency in interest charges, develop syariah-compliant consumer credit products and strengthen protection against unethical debt collection practices.

It also agreed to work towards consolidating the non-bank consumer credit industry under a single regulator and identify preparatory measures for phase two of the CCA's implementation.