1 Day
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السويس بلدي
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Financial Authority Acts on School Loan Issue
The Financial Regulatory Authority has issued strict measures against a consumer financing company that illegally used parents’ data to obtain loans. The Authority conducted an investigation into the incident over four days. The investigation resulted in canceling the financial obligations of those affected, filing criminal charges against the company, and banning it from issuing new financings for one month. Additionally, some of its officials' licenses have been suspended. These measures aim to protect the rights of consumers and maintain stability in the non-banking financial market. They also underscore the commitment of financial authorities to compliance with disclosure requirements and data verification procedures in accordance with regulatory regulations.
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