Preparing for consumer credit regulations

The F.O.I., through the Malta office of the Malta Business Bureau (MBB), with the kind support of Bank of Valletta, is organising a half-day seminar on the new consumer credit regulations.

This will be held on March 30, at 9 a.m., at the Exchange Buildings, Republic Street, Valletta.

Consumer credit has evolved considerably. Consumers face too many problems when taking out loans. Abusive clauses, bad banking practices, non-disclosure of important information, misleading advertising, insurance problems, unsolicited door-to-door selling and irresponsible lending are unfortunately still current practices.

The revision of the EU Consumer Credit Directive is also currently being discussed since the original directive no longer matches today's market realities. Moreover the publication of the Maltese Regulations on Consumer Credit is imminent.

Participants will be addressed by Competitiveness Minister Censu Galea; Dr Frank Chetcuti Dimech, a partner of CDF Advocates; Dr Theresienne Bezzina and Dr Claire Calleja from the Consumer and Competition Division; and Karl Xuereb, general manager of CreditInfo Ltd.

Dr Chetcuti Dimech will discuss the EU's Consumer Credit Directive and its proposed amendments; Dr Bezzina will focus on consumer protection and whether consumer credit offers a fair deal to consumers.

The second part of the seminar will focus on the local scenario. Dr Calleja will outline the provisions of the Maltese Consumer Credit Regulations; and Mr Xuereb's presentation will provide a user's guide for the business community with regard to their implementation.

Given the timely relevance of this seminar and the considerable interest that the prospective publication of the Maltese Consumer Credit Regulations are enticing, interested persons are advised to book in advance. Confirmation and registrations are to be sent to the MBB office by March 29.