The Federal Competition and Consumer Protection Commission has ordered Google LLC (Play Store) and Apple Inc. (Apple Store) to deactivate unathorised online banks and loan applications. The Federal Government agency asked Google and Apple to delete the applications where evidence has established inappropriate conduct or use of the application in violation of the rights of consumers. The agency also banned the acceptance and presentation of new online banking and loan applications without regulatory assessment and approval. He said the order is in furtherance of the action taken by the Inter-Agency Joint Regulatory and Enforcement Task Force last Friday, which led to the shutdown of some online banks. “The Order of the Commission also prohibits acceptance and presentation of new applications for the same purpose without regulatory assessment and approval.

Source: Punch March 15, 2022 10:32 UTC