ISLAMABAD: In a significant move to protect the public from the hazards of illegal loan applications, the Securities and Exchange Commission of Pakistan (SECP) has managed to eliminate 120 unlawful loan apps from the internet that were previously available to be downloaded. For this purpose not only did the SECP collaborate closely with tech giants Google and Apple, but also with local authorities and regulators like the Pakistan Telecommunication Authority (PTA), FIA, SBP and NTISB.
As per details provided by the securities and exchange commission, the emergence of illegal personal loan apps in recent times has sparked concerns surrounding issues such as misleading sales practices, violations of data privacy, and aggressive recovery tactics. The commission has already been working tirelessly on the issue however some recent incidents and subsequent hue and cry on the social media have brought them back into the limelight.
Recognizing the gravity of the situation, the SECP not only reinforced its regulatory framework for licensed Non-Banking Finance Companies (NBFCs) but also undertook proactive measures in partnership with relevant authorities to shut down unauthorized and illegal loan apps. It is important to note here that nano and micro lending companies, fall under the purview of the Security and Exchange Commission, as NBFCs.
Employing a combination of vigilant monitoring and user complaints registered on the SECP’s dedicated complaint site, the regulatory body...
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