Tuesday, 20 April 2021 11:52

Sri Lanka licenced Finance companies adopt Self-Regulation Code Featured

The Finance Houses Association of Sri Lanka (FHA) the apex body of all Registered Finance companies has announced the introduction of its revised Self-Regulation Code which has been voluntarily practiced by member were effected with a view to maintain the highest standards on strategic and business operations in Sri Lanka’s Non-Banking Financial and Leasing Institutions (NBFI) sector.

The FHA collective of 39 Licensed Finance Companies (LFCs) is the driver of financial inclusion of Sri Lanka’s MSME sector which has a large footprint in the Bottom of the Pyramid segment of the country. The MSME sector is no less than the backbone of Sri Lankan economy involving over 70% of businesses in Sri Lanka, providing employment for 45% of the labor force and generating 52% of GDP.

Titled “Code of Conduct of Licensed Finance Companies Sri Lanka” the updated instrument was handed over to the Governor of Central Bank of Sri Lanka Prof. W. D. Lakshman and Bank’s officials by FHA Council members on March 18 at the Central Bank premises.

Niroshan Udage, Chairman of FHA elaborated: “FHA’s time tested gentlemen’s agreement that was codified some time ago needed revisions and updates as per the requirements of today’s changing times. The overall objectives of updating the Code were to comply to all current regulatory and legal requirements while adhering to industry best practices.

 

 

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