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MyCC warns Financial Institutions against breaking BNM Rules |
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PETALING JAYA: The Malaysia Competition Commission (MyCC) will take action against financial institutions should they collude to make changes to automotive loan applications without a formal directive from the central bank.
MyCC chief executive officer Shila Dorai Raj said that the Competition Act 2010 applied to banks if they acted without any directive from Bank Negara.
“The Act does not exclude the financial sector from the law,” she said.
Citing sources, a local business daily reported yesterday that carbuyers may soon find it more difficult to secure loans as banks were moving to clamp down on auto financing with an emphasis on luxury carbuyers, who may be required to take out as much as 50% of upfront payment.
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[Click here to view the full text] |
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| Source |
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The Star |
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| Date of Publication |
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Saturday, 28 January 2012 |
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| Original Title |
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MyCC warns financial institutions against breaking Bank Negara rules |
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