SECP briefs NBFC on new regulatory requirements

MG News | January 09, 2023 at 09:17 AM GMT+05:00
January 09, 2023 (MLN): The Securities and Exchange Commission of Pakistan (SECP) briefed the non-banking finance companies (NBFCs) on improved regulatory requirements, recently imposed through Circular No 15 to address the complaints of mis-selling, inflated charges and undue access to customers data.
Senior management of all the licensed NBFCs, engaged in digital lending participated in the online session.
“The SECP has imposed restrictions on deducting upfront charges from the lent amount”, SECP Executive Director Khalida Habib informed.
Moreover, the lending companies stopped from operating more than one digital App at Google Play store or any other platform. However, they can launch different products and schemes under one Master App, he added.
Further, the companies that are already running more than one App, have been asked to identify one Master App and shutdown the other apps within 90 days.
They are also required to maintain confidentiality of user data and provide audit reports of their apps from a PTA approved IT security audit firm. Digital lenders are also required to disclose their full corporate name on their mobile applications.
SECP’s Additional Joint Director Ahmad Abdul Moiz Khawaja briefed the participants on regulations regarding clear disclosures of loan terms & conditions, requirements of managing credit risk, advertisements, grievance redressal systems and loan collection methods.
NBFC companies cannot change the terms of the loan agreement without prior consent of the borrower, he said.
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