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What are some of the regulations relevant for financial services companies that operate in the space...

What are some of the regulations relevant for financial services companies that operate in the space of consumer lending, whether it be as lenders, advisors, or intermediaries? How do these protect consumer rights?

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Answer #1

Regulations which are relevant for the financial service companies which are operating in the field of consumer lending are related to various types of public disclosure norms along with equality in lending to various customers and no abuse of authority so competition act will be applicable on them along with Public Interest protection act and they will be also trying to not charge and fair amount of interest on loans and engaged into unfair recovery processes.

They are trying to protect the consumer rights by providing equal access to loan to every section of the society and they are also trying to not cheat these customers and they are also offering them loan according to their credit worthiness and not other social factors so they are not discriminating while providing loans to various different people.

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