This action is part of the FRA's ongoing efforts to stabilize non-banking financial markets, protect customer rights, and maintain market integrity and transparency.
The violations included several social media pages that
encouraged consumer finance clients to convert their credit limits into cash,
which is contrary to the purpose of consumer finance and violates the law
regulating the activity. Additionally, one page was found to be providing
unlicensed technical advice to Egyptian Stock Exchange traders using artificial
intelligence programs, which is also a violation.
The FRA reiterated its warning to the public, urging them
not to follow any calls for financing or investment from unlicensed entities or
those that operate in violation of financial laws, which can put their funds
and rights at risk.
Last May, the FRA released its first negative list of
entities identified through complaints as operating in violation of the laws
and regulations governing non-banking financial services. The FRA noted that
this list would be updated periodically.
The FRA has also launched a dedicated email address for individuals to report suspicious investment or financing invitations, as well as an email for companies and institutions seeking to verify that their business models comply with legislative and regulatory requirements.