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

Issuing a warning statement, the financial watchdog stated that no person other than a financial company and an entity specified in Section 10(6) of the Act should use the terms ‘finance’, ‘financing’ or ‘finance’.

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

“The prior written consent of the CBSL to do so will be required,” the regulator said.

“In terms of section 56(4) of the Act, any person who contravenes or fails to comply with the said provisions shall be guilty of an offence under the Act. The public is strongly advised to comply with the above legal requirements,” it said.