In this regard, the InsuranceInfo website represents an important delivery channel which has significant potential to be used extensively to bring relevant and timely information to the public. All the pamphlets and booklets can be downloaded from the website. Over time, the website will be continually enhanced to provide for a more interactive and user-friendly interface with consumers that will also enable consumers to provide feedback on the programme and obtain prompt answers to their questions. Ladies and Gentlemen, The Consumer Education Programme represents one of several important elements in the overall strategy of enhancing the consumer protection infrastructure. To achieve the desired outcome of high standards of market conduct that are founded on principles of integrity, sound ethics and professionalism, Bank Negara Malaysia has adopted a combination of regulatory policy instruments. These include policy development, regulatory initiatives, compliance reviews and ongoing surveillance. Recent initiatives that have been implemented in the area of strengthening market conduct within the insurance sector include:  2  BIS Review 38/2003  ·  The framework for the introduction of qualified independent advisers is currently being finalized. Such independent advisors will form a new distribution channel for the sale of life insurance products. These intermediaries will be licensed under the Insurance Act and will be held to the highest standards of prudential conduct, accountability and governance to safeguard the interests of consumers. ·  The entry requirements for agents have now been raised under a graduated implementation programme that commenced in April 2003.

The establishment of the complaints unit by insurers and takaful operators is expected to promote a more pro-active approach in the management of complaints. Such consumer complaints also provide valuable information regarding any shortcoming in the products and services. Responding to consumer complaints also promotes customer goodwill. Certainly, as consumer awareness and financial literacy increases with the implementation of this Consumer Education Programme, it is essential for financial service providers to recognise the opportunity to build customer loyalty and increase customer retention through this mechanism. Ladies and Gentlemen, The advent of new technology and other market innovations will bring new challenges and possibilities for businesses and consumers. We can expect that this pace of change in the financial services industry will continue to increase. In striving to adjust to these changes, we should not underestimate the significant improvements in financial and business practices that can be achieved by empowering consumers through education. BIS Review 38/2003  3  As we continue on this drive to raise the standards of individual economic and financial well-being through consumer education, the broad involvement of all parties involved in every stage of the programme’s implementation is vital to encourage expanded linkages between business and consumer education on an ongoing basis. Our success in this important endeavour will have a significant bearing on how well prepared our society is to meet the challenges of an increasingly dynamic and complex financial environment.