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Category: Financial Literacy EN

GoPinjam can set a dangerous precedence in personal loans and debts

The Consumers Association of Penang (CAP) is shocked by the announcement that Touch ‘n Go is collaborating with CIMB Bank Bhd in producing a personal loan product available through Touch ‘Go eWallet, regardless of the interest rate. The introduction of easy personal loans promotes debt dependency culture to Malaysians who desire to spend what they do not have. With easy availability of loans,...
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GOVERNMENT INTERVENTION TO STABILISE PRICES IS WELCOMED BUT DEPENDENCE ON IMPORT FROM OVERSEAS MUST BE REDUCED

We welcome the action taken by the government to stabilise the price of goods as was decided during the National Action Council on Cost of Living (NACCOL) meeting on 31st January 2022. CAP was present during the mentioned meeting that was chaired by the Prime Minister, and we were given the opportunity to put forth our opinions during the meeting. We welcome the government’s decision to set...
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Set up RCI to investigate financial outflows to secret accounts in tax havens

The Consumers Association of Penang (CAP) welcomes the assurance given by the Prime Minister that the government will not interfere with the investigations by enforcement agencies into the secret accounts in tax havens operated by Malaysians, as revealed in the Pandora Papers. We also reiterate our call made eight months ago that the government set up a Royal Commission of Inquiry (RCI) to...
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CAP URGES TO MONITOR FOOD PRICES

The Consumers' Association of Penang (CAP) urged the Ministry of Domestic Trade and Consumer Affairs (KPDNHEP) and the Federal Agricultural Marketing Authority (Fama) to take immediate action  in reducing the prices of vegetables and fruits,  as  study has shown that their prices had increased drastically over the last two weeks. The price of chicken increased from RM 9 to RM10 per kilogram...
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How Free Markets Work: Socialism for the Rich and Capitalism for the Poor

"The free market is 'socialism' for the rich: the public pays the costs and the rich get the benefit - markets for the poor and plenty of state protection for the rich. Concentration of wealth leads naturally to concentration of power, which in turn translates to legislation favoring the interests of the rich and powerful and thereby increasing even further concentration of power and wealth."...
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Reasons why KWAN should not be touched

The Consumers Association of Penang (CAP) is shocked that the government has used its emergency powers to tap into the National Trust Fund (KWAN) for vaccine expenses on 21 April 2021. A new subsection was added to KWAN Act which permits the use of KWAN funds for “the procurement of vaccines and any expenditure incurred in relation to the vaccines for an epidemic of any infectious disease as...
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Why i-Sinar went wrong and why EPF contributors shouldn’t be treated like ‘white knights’

It was reported in the media that i-Sinar withdrawals from the Employees’ Provident Fund’s (EPF) accounts have a “positive immediate impact on the real economy as it supported domestic consumptions”. The economy should be stimulated through investments in areas that have been neglected, e.g. agriculture, healthcare, elderly care, and not through using EPF savings in wasteful consumption....
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A glimmer of hope for the Lemon Law in Malaysia

  It is with much joy we took note of the decision by Sessions Court Judge Mabel Sheela Muttiah that led to a consumer (Poratha Corporation Sdn Bhd) justly winning against the car company (FA Wagen Sdn Bhd). Over the years, the Consumers’ Association of Penang (CAP) has received numerous car complaints from owners of brand-new cars with multiple defects that should not be present in a new...
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Set up Royal Commission of Inquiry to investigate outflow of illicit money

  Consumers Association of Penang (CAP) calls on the government to set up a Royal Commission of Inquiry to investigate why our laws, institutions and authorities have failed to curb illicit money flows, identify their weaknesses, and make recommendations for eliminating the problem. Based on United Nations and International Monetary Fund documents, the Washington-based think tank Global...
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The Consumer Hypnotized

Marketers use all kinds of tricks, gimmicks, psychological wizardly and emotional blackmail to exploit you to make a purchase. Have you experienced what the retired car salesman described below? And regret the purchase later on? Many of us suffer from IMPULSIVE BUYING. Advertisers create wants and most of the time -- things that are often unnecessary -- are advertised the most. It used to be...
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