The Financial Services Commission (FSC) has issued FAQs on moneylending on 8 February 2023. The FSC regulates moneylending, which is a business that needs a licence in accordance with section 14A of the FSC. The FSC inter alia emphasised on the eligibility to apply for the moneylending licence and who is not required to submit an application for a moneylending licence.
As per the Financial Services (Consolidated Licensing and Fees) Rules 2008 (as amended), there are certain fees that are applied for the moneylending licence.
Moreover, when processing a request for a moneylending license, the Commission will also consider a number of important factors, including the nature of the activity, the principals' and officers' fitness and propriety, the team's skill set, the infrastructure, the operations' policies and procedures, and the viability of the business.
Click on the link to read the full FAQs HERE.
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