BNM said when a financial product is offered to consumers, the financial service provider (FSP) will have to comply with regulatory requirements in line with the fair treatment of financial consumers.

In a statement, it said the provider will have to give due regard to the interests of consumers in the development, marketing and sale of the product.

The provider must also ensure that the product is appropriate for the target group, taking into consideration their financial needs and circumstances.

BNM said financial service providers must keep consumers informed through appropriate and clear disclosures of the key features, terms, conditions and risks associated with their products.

They must conduct affordability assessments and observe prudent debt-service ratios to ensure consumers can afford to service their payments throughout the financing tenure.

There are also adequate and effective controls for resolving and monitoring consumer complaints, it said, although it will not intervene in the pricing of retail financing products, which are commercial decisions of the providers.

Last week, Touch ‘n Go sought to allay concerns over its GOPinjam micro loan scheme, saying it adheres to BNM’s responsible lending guidelines.

This came after former prime minister Najib Razak questioned how the interest rate of GOpinjam could run as high as 36% per annum.