There are laws and regulations in relation to mortgagee sales that have been strengthened.
Attorney General and Minister for Industry and Trade Aiyaz Sayed-Khaiyum said made the comments while speaking at the World Consumer Rights Day in relation to the Consumer Council of Fiji’s concerns on discrepancies and unfair practices in the financial sector.
Fiji Banking Association Chairperson Adrian Hughes said the number of mortgage sales in Fiji is very low highlighting that there are 10 to 12 mortgage sales for Westpac bank in a year.
Hughes said that the association is keen as a banking system to improve and realize that they are not perfect.
He said however individuals have a duty to care and understand what they are buying and communicate with the banks about their financial hardships.
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