Using ‘finance’ in business names without approval illegal: CBSL warns

The Central Bank of Sri Lanka (CBSL) yesterday cautioned the public in using the word ‘finance’ in a manner that violates the provisions of the Finance Business Act.

In a statement of warning, the monetary watchdog asserted that no person, other than a finance company and an institution specified in Section 10(6) of the act, shall use the terms ‘finance’, ‘financing’ or ‘financial’.

The words cannot be used alone or in combination with another word or any of its derivatives or its transliterations or their equivalents in any language, as part of the name or description or business name of such person.

“Doing so would require prior written approval of the CBSL,” the regulator said.

“In terms of Section 56(4) of the act, any person who contravenes or fails to comply with the said provision is guilty of an offence under the act. The public is strongly advised to adhere to the aforesaid legal requirement,” it stressed.

Source: Daily Mirror