Giving credit to your customer: Preparing for the Consumer Credit Regulations
The Malta Federation of Industry together with the Malta Chamber of Commerce and Enterprise and the Malta Hotels and Restaurants Association, through the Malta Business Bureau Office, organised an information seminar on the new Consumer Credit...
The Malta Federation of Industry together with the Malta Chamber of Commerce and Enterprise and the Malta Hotels and Restaurants Association, through the Malta Business Bureau Office, organised an information seminar on the new Consumer Credit Regulations that entered the Maltese Legal Statute book with the publication of Legal Notice 84/2005. The information seminar focused on the evolutions of consumer credit during the last few years in the perspective of the ongoing revision of the EU Consumer Credit Directive being discussed within EU institutions.
The main contributors during the seminar were Mr Censu Galea, Minister for Competitiveness and Communications; Dr Gabriella Pace, Head of the Malta Office of the Malta Business Bureau (and chairperson of the seminar); Dr Theresienne Bezzina and Dr Claire Calleja from the Consumer and Competition Division; Dr Frank Chetcuti Dimech, private practitioner; and Mr Karl Xuereb, CreditInfo Ltd general manager.
The opening address by Minister Censu Galea pointed out that the new regulations aim to promote a common credit market by establishing minimum community rules to protect consumers.
Dr Pace stressed the importance of reaching a balance between regulation and industry profitability to strengthen the confidence in the credit market.
In the presentations that followed, Dr Bezzina focused on consumer protection and an analysis of whether consumer credit offers a fair deal to consumers.
Dr Chetcuti Dimech explained in detail the EU's Consumer Credit Directive and its proposed amendments.
Dr Calleja outlined the provisions of the Maltese Consumer Credit Regulations as published in the Government Gazette issue of March 24.
Mr Xuereb concluded the seminar by providing a user-friendly business guide on the implementation of these new Consumer Credit Regulations. He elaborated on the practical application of the requirements, as stipulated in the Regulations, and on how to ensure the best effective management of consumer credit.