Regulatory Alerts2018-01-01
Financial Services (Disclosure Requirements for Credit Products) Directive 2018
Issued by the Registrar of Financial Institutions under the Financial Services Act, this Directive mandates minimum disclosure requirements for all credit products to ensure fair consumer treatment and informed decision-making. Lending institutions must provide plain-language Key Facts Statements detailing loan terms, total costs, interest rates, and consumer rights, including a ten-day cooling-off period and penalty-free early repayment. The Directive establishes board-level compliance obligations, standardized disclosure formats, and substantial monetary and administrative penalties for non-compliance.
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