The members of the Finance Houses Association of Sri Lanka have elected Kamal J. Yatawara as its Chairman for the year 2011/12. The organisation has been at the forefront of the financial industry of the country for many decades, having been led by many eminent business personalities who have done much to shape the financial landscape in Sri Lanka today.
Yatawara is the Director/CEO of The Finance Company PLC, a leader in the industry and a pioneering organisation with over seven decades of unmatched experience in the non banking finance sector.
Founded in 1958 as the Ceylon Hire Purchase Financial Association, it was later renamed as the Finance Houses Association (FHA) of Sri Lanka in 1986. In his message to the members of the FHA after his election, Yatawara mentioned that the association should stand strong as one in the light of new challenges in the industry, with the ultimate objective of improving the living standard of the Sri Lankan people, which will in turn support the initiative of the policy makers for a strong Lankan economy.
The purpose of the FHA is to promote and safeguard the interests of its member companies and ensure uniformity in all financial reporting whilst facilitating the proper conduct of business of finance companies under its purview.
The association will work very closely with regulatory bodies to ensure the implementing of regulations and organise seminars and training workshops, etc. to enhance the knowledge of the staff of the RFCs, which is seen as a prudent measure for the development of the non banking financial industry.
The FHA recently organised a seminar at the Central Bank Auditorium followed by discussions on the implementation of the IFRS and appointed a steering committee to address common issues pertaining to its implementation for registered finance institutions.
“As our business is mainly funded by public deposits it’s our duty as responsible corporate entities to ensure transparency and effective corporate governance,” said the new Chairman Yatawara, adding that they must adopt a clear strategy as a group to enhance the public image of the industry and work towards developing and sustaining a positive public perception.