To complement our oversight functions, we are putting in place basic safety nets for depositors and policy holders, as well as working towards the further empowerment of consumers. Disclosure requirements are currently in place but the presentation of information is often less than satisfactory. As more complex investment products emerge, this situation will become untenable. We will work towards refining existing disclosure requirements. Consumer education efforts will also be stepped up. Feedback obtained from the national financial literacy survey to be launched early next year will help us to tailor our consumer education programmes. To help consumers resolve disputes with their financial institutions promptly and affordably, we are facilitating the setup of a one-stop Financial Industry Disputes Resolution Centre, or FIDReC. It will  4  BIS Review 72/2004  serve consumers across different sectors and ensure consistency in processes. We have also recently announced that we will publish details of market conduct regulatory actions where it is in the public interest to do so. This will further enhance market discipline. Leveraging and building on our reputation The third priority for MAS is to leverage and build on our reputation. Singapore has acquired an international reputation for its strong macro-economic performance, its robust and vibrant financial system and its high standards of regulation and supervision. This reputation has accorded us some influence in the international financial community. This influence has in turn helped us to expand our economic space by opening doors to strategic partnerships and removing market access barriers.

It means we have to be proactive, not just react to events after they have taken place. This is what the work-plan is about - planning our work over the next five years, in the context of likely scenarios. I believe, barring a war in Asia which all countries must work hard to prevent, we can be optimistic about our future. Singapore is situated at the heart of a dynamic Asia. Our economy has undergone major restructuring over the past few years. It has regained its competitiveness. We are expanding our economic space and have shown that we can manage change as a people. There is no reason why Singapore should not continue to do well. The MAS Strategic Planning Exercise has yielded three inter-linked and mutually reinforcing priorities for the next five years. These are not new goals. They are priorities. Let me elaborate on them and the key strategies to support them. Strengthening our position as a leading financial centre in Asia Our first priority is to strengthen Singapore’s position as a leading financial centre in Asia. We will work closely with the financial industry to enlarge our investor base, build greater liquidity and depth in our financial markets, and expand our reach beyond traditional markets. To succeed, the industry needs to attract talented and dynamic professionals from a broad range of disciplines and experiences. I am pleased that the industry has established the Financial Industry Competency Standards Committee to develop internationally-aligned competency benchmarks for the whole financial sector.