FOMCA deeply appreciates YB Hanna’s, Minister of Youth and Sports, efforts in highlighting and committing to the issue of youth bankruptcy. FOMCA has long advocated the necessity of financial empowerment amongst youths. Between 2018 and 2022, out of the 48,791 being declared bankrupt, 22% were below the age of 34 Read more
The Minister of Economic Affairs believes that consumers are to blame for high food prices by continuing to purchase essentials although prices have gone up. He would suggest for example, that if chicken prices go up, stop eating chicken. According to the Malaysia Economic Monitor Report published by the World Read more
On behalf of the consumers in Malaysia, especially the vulnerable consumers, FOMCA would like to express our deepest gratitude to the Prime Minister of Malaysia, for ensuring no increase in electricity tariffs and efforts being made to address the chicken and egg shortages. More important still, the Prime Minister has Read more
Consumers are suffering. Receiving lower incomes and facing severe increases in their costs of living, consumers are struggling to sustain their quality of life. It is no wonder indeed that in the “Suara Rakyat Malaysia” survey, the number one issue of concern for Malaysian voters was cost of living and Read more
When laws and institutions established to protect consumers fail; the consumer suffers. FOMCA expresses its gratitude to the Prime Minister for intervening in the Touch N Go saga to provide some protection to consumers by giving them a choice rather than letting the Touch N Go Monopoly abuse its position Read more
FOMCA fully supports Bank Negara Malaysia’s concern that that is lack of financial literacy amongst Malaysian consumers. More than 290,000 consumers have been declared bankrupt with more than 70% of them below the age of 45. Indeed data from various sources indicate clearly that many Malaysians are not managing their Read more
It is indeed depressing for consumers to hear that price of essentials that is chicken and egg prices are likely to increase after February 4. Consumers are already suffering from an overall increase in prices of essentials including fruits, vegetables and fish. To further hear that prices of chicken and Read more
Medicines are not a commodity to be based solely on supply and demand. Medicines saves lives. It is essential for the survival and recovery of consumers. Medicines cannot be dealt with as other commodities; that is the reason medicine affordability is under the Ministry of Health and not any other Read more
Based on the firm believe that in the current market economy, consumers do need consumer protection; what does this really mean? What are the primary objectives and what are the key areas of consumer protection? Consumer protection has four basic objectives: Equalize the unequal relationship between the stronger (seller) and Read more
The traditional financial economy was already evolving towards a digital financial economy, even before covid. However, during the covid and the lockdowns more people, even those who were never consumers of digital finance, began to move towards digital finance. The movement of the traditional brick and mortar financial industry towards Read more