Arab Finance: The Financial Regulatory Authority (FRA) has denied circulating rumors claiming that it ordered the closure of a large number of branches operated by non-banking financial institutions, according to a statement.
The authority, headed by Chairman Islam Azzam, had monitored several social media pages and accounts publishing misleading and false reports in the non-banking financial sector.
The FRA stressed that no decisions had been issued to close or suspend branches of non-banking finance companies or associations.
The regulator warned that the dissemination of such misinformation poses a serious risk by misleading the public and undermining the interests of customers and companies operating in the sector. It also cautioned that individuals responsible for publishing or promoting these rumors could face legal accountability.
Earlier in July, the FRA approved 10 new non-banking financial activities licenses as part of its efforts to enhance the quality and competitiveness of the sectors under its supervision, attract investment, and expand access to financial services.
