الهيئة العامة للرقابة المالية

• This meeting continues the Authority’s series of discussions with consumer finance companies and service providers.
• Representatives of the Egyptian Federation of Consumer Finance, companies and service providers attended the workshop.

FRA hosted a workshop to raise awareness of the risks and methods for combating financial fraud in the non-banking financial sector, particularly in consumer finance. This effort aligns with the Authority’s continuous commitment to ensure the stability of non-banking financial markets, protect stakeholder rights and fulfill its regulatory mandate while maintaining market integrity and transparency.

The workshop, hosted at the Authority’s headquarters in Smart Village, featured an open dialogue with attendees, including representatives from the Egyptian Federation of Consumer Finance, companies and service providers. Participants shared best practices for combating various fraud schemes and protecting clients. The Authority’s representatives, in turn, reviewed the efforts made by FRA to safeguard stakeholders’ rights against the risks of financial fraud, cheating and deception.

The Authority has issued numerous warnings across all media and electronic platforms, urging citizens to avoid finance or investment solicitations from unlicensed entities. Dealing with these firms violates non-banking financial laws and places citizens’ funds and rights at serious risk.

A total of 34 companies and 12 service providers are currently licensed by the Authority to operate in consumer finance. This activity falls under the supervision and oversight of the Financial Regulatory Authority (FRA) and is defined as financing the purchase of consumer goods and services. This includes, but is not limited to, educational services, sports club memberships, travel and tourism, car and appliance maintenance and renewable energy solutions for homes. The Consumer Finance Law No. 18 of 2020 governs the entire sector.

Since last May, FRA has publicly released a Negative List of entities identified through received complaints. These firms were found to be engaging in non-banking financial activities in violation of governing laws and regulations. FRA confirmed that the list will be updated periodically as new developments emerge.

The Authority also launched a dedicated email channel to receive complaints from individuals regarding suspicious investment or financing solicitations involving cheating, deception or fraud. Furthermore, a separate email was established for companies seeking to verify that their business models comply with legislative and regulatory requirements, ensuring their stability and service reliability.

The session concluded with the Authority addressing inquiries from various consumer finance companies and service providers on establishing unified, collaborative methods to protect client rights and combat all forms of financial fraud in the period ahead.

The Authority convened this meeting as part of a strategic series with consumer finance companies and service providers. This core commitment to dialogue and consultation allows FRA to effectively issue resolutions and legislation that foster genuine development across its supervised sectors. The process ensures strict compliance with non-banking financial laws while consistently upholding transparency across all regulated activities.