Category: Financial Literacy EN

Do consumers have to pay more for their motor insurance than what they are paying now when detariffication of motor insurance starts on 1 July?  At least this is what the Consumers’ Association of Penang (CAP) understands because the General Insurance Association of Malaysia (PIAM)’s reply to its FAQ question “What % increase can I expect (CAP’s emphasis) on my motor premium” is: “It...

The announcement by US President Donald Trump to withdraw from the Paris Agreement is both irresponsible and unethical. The US is the world’s largest historical emitter of greenhouse gas emissions and to walk away from the Paris Agreement is an abdication of its responsibility which condemns both present and future generations as well as the planet to grave peril and danger. Mr. Trump claims...

As early as 2007 Bank Negara Malaysia (BNM) had identified problems and issues of the current motor insurance scheme which many consumers can easily relate to: > Inadequate access to third party insurance cover, particularly for old and commercial vehicles. > Lengthy claims settlement process.  > Premiums which have not been revised since 1978. > Insurers were reluctant to offer...

JJPTR, CYL, Richway Global Venture and BTC I-system all have one thing in common; they are major money game schemes that have been in the limelight recently BUT for the wrong reasons. The Consumers’ Association of Penang (CAP) is appalled by the news that so many “investors” (consumers) have been cheated of their hard earned money by these companies. But we do not believe that the situation...

The Consumers’ Association of Penang (CAP) calls on the Ministry of Domestic Trade, Co-Operatives and Consumerism to enforce the Price Control Act 1946 Amendment 1973, Section 8 (1) which requires traders to display price tags on goods that are meant for sale. Our repeated survey around Penang Island showed that any traders are blatantly flouting the Price Control Act. The results of the survey...

The Consumers’ Association of Penang would like to address the public on the issue of the telemarketing of insurance policies. Based on the complaints we have received, we find that many consumers get caught in the trap of unknowingly purchasing insurance policies that are being promoted through telemarketing. In light of these complaints, CAP took up the matter with Bank Negara Malaysia (BNM)...

The Consumer Association of Penang calls for the urgent implementation of price control on pharmaceutical drugs.  As stated by the Domestic Trade, Cooperatives and Consumerism Minister Datuk Seri Hamzah Zainuddin in a local daily, “Malaysians have been paying excessive prices for pharmaceutical drugs due to an absence of government control.” CAP has been calling for pharmaceutical drugs...

The Consumers Association of Penang is strongly against the Urban Wellbeing, Housing and Local Government Ministry’s decision to allow developers to give out loans under the Money Lenders Act 1951 (Amendment ) 2011 . According to the Minister Tan Sri Noh Omar this is a win-win situation. With all due respect, there is only one obvious winner from this scheme and that is the developer. After all...

Sahabat Alam Malaysia (SAM) previously warned and anticipated news of the costly upkeep of the pandas in Zoo Negara.  In fact it is to be expected considering that pandas are the most expensive animal in the world to keep. As far back as 2009 and 2012 SAM had strongly objected to the deal, being highly critical of the move to bring in the pandas which the Chinese government is happy to rent out...