Key Functions of the Advisory Committee
SKP is supported by an Advisory Committee that plays a vital role in ensuring the effective implementation of the Consumer Credit Act 2025 [Act 873] (CCA) through inter-agency collaboration. The Committee brings together regulators and ministries to coordinate policies and strategies for the protection of credit consumers.
- Coordinate policies and strategies to protect credit consumers.
- Promote and monitor effective regulation and the consistent implementation of the CCA.
- Facilitate co-operation between members in relation to capacity building, reform initiatives, and research, etc.
- Deliberate on implications to any law or policies proposed by SKP or Regulatory and Supervisory Authorities (RSAs).
- Deliberate matters on protection of credit consumers.
Composition of the Advisory Committee
Organisations reporting to the Ministry of Finance (MOF)
- MOF – Ministry in charge of the CCA.
- SKP – Competent authority enforcing the CCA, also serving as Chair and Secretariat to the Committee.
- Securities Commission Malaysia (SC) – Principal regulator of capital markets.
- Bank Negara Malaysia (BNM) – Principal regulator of the financial sector.
Regulatory and Supervisory Authorities (RSAs)
- Ministry of Domestic Trade and Cost of Living (KPDN) – Oversees the Consumer Protection Act and Hire-Purchase Act.
- Ministry of Housing and Local Government (KPKT) – Oversees the Moneylenders Act and Pawnbrokers Act.
The role of Regulatory and Supervisory Authorities (RSAs)
The Consumer Credit Act (CCA) will be enforced by different authorities called Regulatory and Supervisory Authorities (RSAs). SKP will act as the main authority and also as one of the RSAs, together with other agencies in Phase 1 such as the Ministry of Domestic Trade and Cost of Living (KPDN), the Ministry of Housing and Local Government (KPKT), Bank Negara Malaysia (BNM), the Securities Commission Malaysia (SC), and the Malaysia Cooperative Societies Commission (SKM).
Each RSA is responsible for overseeing the businesses they regulate. This includes supervising credit providers and credit service providers under the CCA and any related laws. RSAs must carry out their duties fully to make sure the CCA is applied effectively and consistently.
This collaborative structure ensures a unified approach to consumer credit regulation, improving protection standards and promoting a fair, transparent, and responsible credit industry.
