KUALA LUMPUR, March 9 (Bernama) -- The Consumer Credit Commission (SKP) has announced the appointment of former Bank Negara Malaysia (BNM) assistant governor Abu Hassan Alshari Yahaya as its executive chairman to lead the first leadership line-up following the enforcement of the Consumer Credit Act 2025 on March 1, 2026.
The three-year appointment, made by the Finance Minister, marks the official commencement of SKP's operation as the regulatory body responsible for overseeing consumer credit providers in Malaysia to ensure the lending practices are implemented transparently, fairly, and responsibly, the commission said in a statement today.
Abu Hassan previously headed the Consumer Credit Oversight Board Task Force established in July 2021 to draft the Consumer Credit Bill in collaboration with relevant ministries and agencies.
"Previously, he led several key functions at BNM, including finance, currency management, strategic communications, and Centralized Support Services. He has extensive experience in banking supervision and served as secretary to the board of directors during his career at BNM,” SKP said.
Abu Hassan said the enactment of the Consumer Credit Act 2025 is an important step in the government's reform agenda to strengthen consumer protection in the financial sector.
“Malaysia has for the first time witnessed comprehensive legislation specifically focused on the regulation of consumer credit outside the banking sector, thereby strengthening and improving the landscape of the nation's consumer credit industry,” he said.
Also appointed to the board are deputy executive chairman Salmah Bee Mohd Mydin, along with representatives from the Finance Ministry (MoF), BNM and the Securities Commission Malaysia (SC), as well as several independent external members from the industry.
Among the board members are Nahidah Usman (MoF representative), Dr Norhana Endut (BNM representative), Yew Yee Tee (SC representative), and external members Datuk Mohd Muazzam Mohamed, Datuk Mohamed Ridza Mohamed Abdulla, Leong Kah Chern, and Murali Desan SP Krishnamurthy.
-- BERNAMA
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