The Consumer Protection Association (CPA) is studying if the Saudi Credit Bureau (SIMA) is guilty of charging compound interest from consumers. Dr. Nasser Al-Tweam, CPA President, said that banks do not have the right to impose compound interest when they finance clients. He said CPA was studying the SIMA file and won't close any case till it has thoroughly checked it and taken necessary actions. His comments have drawn criticism from the Director of SIMA, Nabeel Al-Mubarak. However, the CPA won't back down, he said, according to a report in Al-Watan newspaper. “CPA won't stay silent about issues related to public health or national economy. It will legally open and study all consumer related files,” Al-Tweam said. “We're also following up with the issue of cruise control problems with concerned authorities in Hafr Al-Batin,” he added, in reference to the widely-publicized case of a Toyota Land Cruiser gaining extraordinary speed while on cruise control. CPA is a civil society institution and the general public has the right to learn about the steps the CPA has taken on certain issues, Al-Tweam said.
