News Details

The FRA has Set New Solvency Standards for Consumer Finance Companies

29/06/2020

The Financial Regulatory Authority (FRA)'s BOD has approved new solvency standards for consumer finance companies, under the new rules companies will only be allowed to lend up to 10% of their capital base to a single borrower to prevent them from becoming overexposed to a small number of clients. Companies will also be allowed to take loans worth up to 9x their equity value to support their activities. Companies will have to comply with the new rules by the end of FY20/21 and submit quarterly compliance reports to the FRA. (FRA Press Release, Enterprise)

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