The 17 year old Consumer Credit Act is now up for a review.
With the growing use of credit facilities by many Fijians the Consumer Credit Act needs to be aligned to the modern day lending services.
Permanent Secretary for the Ministry of Industry and Trade Shaheen Ali says a consultant will put before the Government a Draft Act in the next few weeks after considering all factors in the Fijian lending market.
“We want the revised Consumer Credit Act to be on par with the international best practices and international standards, in terms of consumer protection and provisions of sound and guidelines for credit providers.”
According to the Reserve Bank of Fiji, Fijians are now making large capital purchases, which includes Housing loans and car loans.