zeti akhtar aziz : launch of the consumer education programme opening remarks by dr zeti akhtar aziz, governor of the central bank of malaysia, at the launch of the consumer education programme at the central bank of malaysia, 30 january 2003. * * * ladies and gentlemen, the consumer education programme being launched today is a further development that represents an important step forward in the modernisation of our financial system. we have already seen the significant progress that has been achieved by the banking sector in the restructuring and reform process, in the capacity enhancement of the banking institutions and in the overall development of our financial infrastructure. the ultimate objective of this progress is to contribute towards enhancing the growth and development prospects of our nation. the strengthening of the banking sector needs to be translated into enhanced effectiveness and efficiency of the banking institutions in meeting the changing requirements of our economy. how consumers can expect to benefit from this progress will depend on how well informed they are on matters relating to financial services being provided. the consumer education programme being launched today represents an important element in the overall strategy of enhancing the consumer protection infrastructure. consumer education and awareness is essential in an environment that is becoming increasingly more complex and sophisticated. as outlined in the financial sector master plan, the strategies to achieve an adequate and effective consumer protection infrastructure involves : • a comprehensive and structured consumer education programme ; • increased transparency by the financial institutions on the products and services being offered ; • legal redress for consumers to deal with grievances arising from the purchase of financial products and services ; • expansion in the role of the banking mediation bureau to cover the full range of retail banking related consumer complaints and educating banking consumers of the ways in dealing with the available courses of action ; • the implementation of anti - trust regulation to define the process by which abuses that are detrimental to consumers can be addressed ; and finally • establishing a deposit insurance fund to not only create incentives for prudent management by the banking institutions but also to assure protection to small depositors. the objective is to promote a more market oriented consumer protection framework. ladies and gentlemen, this new millennium brings with it new opportunities and challenges to both the financial institutions and to the consumers. as we advance forward we can expect an increasing array of choices open to consumers. in making financial decisions, consumers require information on a wide range of matters and details about the processes and documentation involved, the relevant fees and charges to be incurred and the risks and benefits of each type of product or service. the aim of the

papua new guinea, covering the banks, licensed financial institutions, the saving and loans societies, superannuation funds, life insurance companies and others are to ensure that they comply with the legislation requirements, world ’ s best practices and operational work ethics. i want to assure you all that the bank of papua new guinea will not shy away from implementing and fulfilling its mandated role of ensuring a sound and stable financial system for the people of papua new guinea and those who do business in the country. we now have the necessary legislations in place and strong independence to safeguard the institutions that we licensed in the various legislations under our jurisdiction. it would be tantamount to gross negligence on our part not to enforce these regulations to safeguard the soundness of our financial institutions, their shareholders and beneficiaries. thank you.