KUALA LUMPUR, March 24 -- On March 4, the federal government tabled the long-awaited Consumer Credit Bill (CCB) in Parliament to better enhance regulatory oversight and consumer protection in the growing non-bank credit industry.

A pursuit since 2020, the overarching Bill will establish a comprehensive regulatory framework for credit providers, particularly those offering "buy now, pay later" (BNPL) schemes, requiring them to adhere to a minimum standard of fair treatment and conduct.

At present, there are multiple laws and ministries governing consumer credit activities offering varying levels of protection accorded to consumers, leading to borrowers' confusion on parties responsible over arising issues.

While the Bill awaits further ...