Sri Lanka's Central Bank has issued a warning regarding the unauthorized use of the terms ‘finance,’ ‘financing,’ and ‘financial’ in business names and descriptions. According to Section 10(2) of the Finance Business Act, No. 42 of 2011, only licensed finance companies and certain specified institutions are permitted to use these terms, either alone or in combination with other words or derivatives.
This measure aims to protect the public from potential misuse and misrepresentation. Violation of this provision, as stated in Section 56(4) of the Act, is considered an offence, and offenders may face legal consequences.
The Department strongly advises the public and businesses to adhere to these legal requirements. For further information or inquiries, individuals can contact the Department of Supervision of Non-Bank Financial Institutions at 0112 477 504 or via email at snbfi_query@cbsl.lk.