Financial Services Act 2013

Financial Services Act 2013

Financial Services Act 2013

This is the new Financial Services Act 2013 that I was talking about earlier which came into effect on 30 June 2013. It has implications for the finance industry in Malaysia as a whole as the new FSA2013 replaces several existing key legislation, notably the Banking and Financial Institutions Act 1989, the Exchange Control Act 1953, the Payment Systems Act 2003 and the Insurance Act 1996.

There is also a separate piece of new legislation, the Islamic Financial Services Act, which came into effect on the same day, and which has resulted in the revocation of the Islamic Banking Act 1983 and the Takaful Act 1984.

For financial planners, especially those in the insurance line, the FSA2013 will have untested implications on the policies they sell or have already sold. It is best to consult with your insurance agents to ascertain how your policies have been affected.

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