Egypt’s Prime Minister Mostafa Madbouly and Chairman of the Financial Regulatory Authority (FRA), Islam Azzam, have reviewed the latest developments in Egypt’s non-banking financial sector and efforts to protect market participants.
The meeting followed developments across the FRA-supervised sectors, including capital markets, insurance and non-banking finance, as well as efforts to regulate these activities, enhance their efficiency and address the various challenges and developments affecting them, the Cabinet said on its Facebook page on Thursday.
Madbouly stressed the importance of the role of the non-banking financial sector in the national economy, particularly as the number of citizens benefiting from its various services continues to grow.
He also highlighted the sensitivity of the FRA’s supervisory role in ensuring market stability and protecting the rights of market participants.
For his part, the FRA Chairman reviewed the latest developments in the regulatory frameworks governing the sector, including recent decisions issued by the authority’sboard. These measures aim to develop the sector, keep pace with technological advancements and improve the quality of services to meet citizens’ needs, he said.
They also seek to boost the supervisory performance and enhance the ability of the FRA and entities operating in the sector to identify negative practices and violations at an early stage, helping to resolve customers’ problems more quickly and prevent the spread of harmful practices.
Through developing regulatory frameworks, FRA seeks to strike a balance between two key objectives for the non-banking financial sector, in line with Egypt Vision 2030: promoting the growth and expansion of the sector, broadening access to its services and increasing its contribution to the national economy, while at the same time protecting the rights of market participants and addressing negative practices and emerging challenges swiftly and efficiently, Azzam explained.
The meeting also addressed the mechanisms adopted by the FRA to combat violations and negative practices.
