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In forceUpdated to 2 Jan 2025Read it in Bahasa Malaysia
Contents

Part IX · Business Conduct and Consumer Protection

135. Standards on business conduct

(1)

The Bank may specify standards on business conduct to a financial service provider for the purposes of ensuring that a financial service provider is fair, responsible and professional when dealing with financial consumers.

(2)

Without limiting the generality of subsection (1), standards specified under that subsection may include standards relating to—

(a)

transparency and disclosure requirements including the provision of information to financial consumers that is accurate, clear, timely and not misleading;

(b)

fairness of terms in a financial consumer contract for financial services or products;

(c)

promotion of financial services or products;

(d)

provision of recommendations or advice including assessments of suitability and affordability of financial services or products offered to financial consumers; and

(e)

complaints and dispute resolution mechanisms.

(3)

The Bank may specify any class, category or description of persons for purposes of the definition of “financial consumer” under section 133.

(4)

Where the Bank specifies a standard on business conduct under subsection (1) which relates specifically to capital market products or capital market services as defined in subsection 2(1) of the Capital

Markets and Services Act 2007, such standard shall be specified jointly with the Securities Commission.

136

Report

Read on from s 136

Part X

Islamic Money Market and Islamic Foreign Exchange Market

Read on from Part X

Part XI

Submission of Document or Information

Read on from Part XI

Part XII

Examination

Read on from Part XII

Part XIII

Directions of Compliance

Read on from Part XIII

Part XIV

Intervention and Remedial Action

Read on from Part XIV

Part XV

Other Powers of Bank

Read on from Part XV

Part XVI

Enforcement and Penalties

Read on from Part XVI

Part XVII

General Provisions

Read on from Part XVII

Part XVIII

Repeal, Savings and Transitional

Read on from Part XVIII

Schedules