In this regard, initiatives undertaken by Bank Negara Malaysia in the insurance sector have been primarily directed towards enhancing product transparency and disclosure, improving sales practices, raising the bar of professionalism for insurers and intermediaries, as well as strengthening the consumer protection framework. Apart from promoting sound and fair market practices, considerable efforts have also been made to develop the necessary infrastructure to facilitate consumers in obtaining redress, information and advice on matters relating to financial services. These include the implementation of the Consumer Education Programme and the establishment of a dedicated customer service centre (Bank Negara Malaysia LINK) and contact centre (BNM TELELINK) to improve access to information on financial products and services by members of the public. As we advance forward, changes in the global economy and international financial landscape will continue to be dynamic and the level of complexity and sophistication in the financial markets will further intensify. Achieving success in an environment fraught with greater uncertainty and more intense competition, will ultimately hinge on the ability of the industry players to continuously innovate and deliver enhanced value propositions to customers. BIS Review 123/2007  5  On that note, ladies and gentlemen, I hope that the 23rd PIC will not only be a platform for industry leaders to share and explore ideas for the benefit of the life insurance industry, but more importantly, to be followed up with affirmative actions on the part of the delegates involved.

Recognizing these trends, Bank Negara Malaysia launched the International Center for Leadership in Finance (ICLIF) in 2003 to accelerate the development of top management talent for the corporate and financial sector within the Asian region. At the management trainee level, the Bank has initiated the Financial Sector Talent Enrichment Programme or in short FSTEP, a joint collaborative effort undertaken with the industry and training institutes aimed at boosting the supply of well-trained and competent personnel for the financial services industry. This is complemented by the International Centre for Education in Islamic Finance (INCEIF) which was established for the purpose of meeting the increased demands of Islamic finance professionals as well as conducting research and consultancy in Islamic finance. I would very much like to encourage you to take the opportunity of participating in some of these programs. Finally, no less important an area for consideration in re-engineering financial sector development, is consumer education and protection. Today, we experience growing consumerism as well as changing consumer preferences and expectations in tandem with increased education levels and growing personal wealth. These and other developments collectively reinforce the need for greater financial literacy to ensure the efficient functioning of the financial system. An important aspect of Bank Negara Malaysia's regulatory strategy and approach therefore, has been to ensure that the continued growth of the financial sector is underpinned by fair market practices and conduct.