On Sep. 4, 2025, MAU FSC published MAU GVT Notice (Nt 73/2025) on the Financial services (administrative penalties) (amendment) rules 2025, and adding a new item.
Now includes obligation, under Rule 12(7) of the Insurance (national insurance claims database) rules 2025, to send instructions for payment of motor claim in a deadline.
Any failure to meet this obligation can result in a fine of Rs 5000 on the business.
These new rules will now all come into operation, and effective from Sep. 22, 2025.
On Feb. 15, MAU FSC amended the rules on administrative penalties.
MAU FSC issued Financial services (framework for the imposition of administrative penalties) (amendment) rules 2025 (Nt 15/2025), amending principal rules Financial services (framework for the imposition of administrative penalties) rules 2022.
Document dated Feb. 15, 2025, received from MAU FSC Feb. 18, summarized Feb. 20.
Key Changes
The amendment implements a tiered discount system for early penalty settlements.
50% discount for early settlement before being referred to enforcement committee.
20% discount for settlement between referral and the issue of a warning notice.
10% discount for settlement between a warning notice and the decision notice.
0% discount for settlement after a matter has been remitted to the enforcement committee by the financial services review panel for reconsideration.
Effectiveness
These rules come into operation on Feb. 24, 2025.
Feb. 24, 2025 Consolidated Version
On Feb. 24, 2025, MAU FSC published a consolidated version of the Financial services (framework for the imposition of administrative penalties) (amendment) rules 2022.
This document includes the amendments that came into force as of Feb. 24, 2025.
This text is an internet version of MAU FSC Rules made by the Financial Services Commission under s93 of Financial Services Act, and is for information purposes only.
Jun. 2025 Second Amendment
On Jun. 20, 2025, MAU FSC published Financial services (framework for the imposition of administrative penalties) (amendment no. 2) rules 2025 (Nt 54/2025).
Schedule to the principal rules is amended in Part II; in operation on Jul. 1, 2025.
Jul. 2025 Consolidated Version
On Jul. 1, 2025, MAU FSC published a consolidated version of the Financial services (framework for the imposition of administrative penalties) rules 2022.
This document includes the amendments that came into force as of Jul. 1, 2025.
Sep. 2025 Further Amendment
On Sep. 4, 2025, MAU FSC published MAU GVT Notice (Nt 73/2025) on the Financial services (administrative penalties) (amendment) rules 2025, and adding a new item.
Now includes obligation, under Rule 12(7) of the Insurance (national insurance claims database) rules 2025, to send instructions for payment of motor claim in a deadline.
Any failure to meet this obligation can result in a fine of Rs 5000 on the business.
These new rules will now all come into operation, and effective from Sep. 22, 2025.
Regulators
MAU FSC
Entity Types
Bank; Ins; MSB
Reference
RF, Nt 73/2025, 9/4/2025; RF 7/1/2025; Nt 54/2025, 6/20/2025; RF 2/24/2025; OG 13, Nt 15/2025, 2/15/2025; Nt 269/2022; Citation: Nt 15/2025; Nt 54/2025; Nt 73/2025;
