Banks should be stopped from taking unfair advantage of borrowers with personal loans or fixed rate hire-purchase loans (of either the conventional or Islamic financing variety. )
These borrowers lose twice over because interest on the loans are calculated on a flat rate basis and rebates are calculated based on the Rule of 78.
The flat rate method charges interest on money which has already been repaid whilst the Rule of 78 penalizes those who repay early.
The Consumers’ Association of Penang (CAP) was approached by a research company for its survey titled as ‘Malaysia Energy Consumption and Its Impacts Towards Economy Development’ early this month.
We would like to express our concern that the survey is yet another attempt by the government and proponents of the nuclear power fraternity to hoodwink not just the public, but this time, even the civil societies.
According to a news report, people in Malaysia are falling victim to Macau scams or phone scams increasingly over the past 3 years. The Consumers Association of Penang (CAP) finds this quite disturbing as this is an old scamming tactic. The report states that police have supposedly warned people about syndicates and fraudsters who contact them, posing as Bank Negara Malaysia officers, police officers or their bank officers. Nevertheless people still easily fall victim to Macau scams
If at the time, government bodies with authority, such as the Ministry of Higher Education, had done something about the Allianze University College of Medical Sciences (AUCMS) issue, there is a distinct possibility that this whole fiasco could have been averted. Now, after all that has happened, AUCMS has asked the federal government for a loan to handle its financial crisis. The Consumers Association of Penang (CAP) believes that under no circumstance should the federal government support or even consider giving AUCMS a loan for the following reasons:
The Associations of Banks in Malaysia (ABM) has endeavoured to address the Consumers Association of Penang’s (CAP) concerns regarding Malaysia’s cyber security but unfortunately have left many queries unanswered. CAP believes it is necessary that we spell out our concerns clearly and in detail once more, so that they may be addressed appropriately; and we hope that relevant parties are able to explain things in a plain manner.
We would much appreciate it if those in charge could explain to us very specifically, what new measures will banks take to ensure our cyber security is iron clad. After all, vague explanations accompanied by declarations of repeating the same old security measures to combat new threats do not exactly incite consumer confidence.