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2019-01-01

Circular Letter No. (6) for the Year 2019

The Financial Regulatory Authority (FRA) issued Circular Letter No. 6 of 2019 to enforce consumer protection guidelines for companies operating in financial leasing, real estate financing, and factoring. The directive mandates these entities to prominently display the FRA’s Consumer Protection Guide on their websites and social media, clearly reference it in all financial service documents, provide clients with printed awareness brochures upon financing product delivery, and install standardized informational boards at all customer-facing locations. These measures aim to ensure full transparency regarding client rights and obligations within Egypt’s non-banking financial sector.

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Egypt

Financial Regulatory Authority Egypt

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Financial Regulatory Authority

FINANCIAL REGULATORY AUTHORITY

Deputy Chairman of the Authority

Circular Letter No. (6) for the Year 2019

Issued on 11/7/2019

Regarding the Consumer Protection Guidelines for Companies in Financial Leasing, Real Estate Financing, and Factoring

Decision No. 46 of 2019 issued by the Chairman of the Authority regarding the issuance of the Consumer Protection Guide in the Non-Banking Financial Sector mandates companies and entities operating in non-banking financial activities to take all necessary measures to publish the Guide and educate their clients on their rights and obligations in accordance with its provisions, specifically committing to the following:

  1. Clearly and permanently display the Guide on the official page of the company’s website and on its social media platforms (if available).

  2. Clearly state in any document involving the provision of a financial service to the company’s clients how to obtain and access the Consumer Protection Guide issued by the Authority.

  3. Provide clients with a printed copy of the awareness brochure for the Guide prepared by the Authority for this purpose when the company offers them any financing product.

  4. Display a large, clearly visible explanatory board outlining the key consumer protection principles according to the model prepared by the Authority for this purpose, at the company’s headquarters, branches, and all other locations providing services to clients, ensuring the board clearly and prominently includes the electronic link to the Consumer Protection Guide issued by the Authority.

Deputy Chairman of the Authority Legal Advisor Rida Abdul-Mu'ti 11/7/2019

Smart Village, Building No. B-136, Giza, Egypt Postal Code: 12577 Tel.: +202 35345350 - Fax.: +202 35345360 info@fra.gov.eg

Smart Village, Building no. B-136, Giza Postal Code: 12577 Tel.: (00202) 35345350 - Fax.: (00202) 35370036 www.FRA.gov.eg

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