. in view of this, we have recently issued a revised policy document on fair treatment of financial consumers in march 2024 which marks a significant step forward in ensuring that financial consumers in vulnerable circumstances are accorded fair treatment in their dealings with financial institutions. 1 / 5 bis - central bankers'speeches the new obligations which are also applicable to financial advisers include extending appropriate support to meet the specific needs of vulnerable consumers, thereby reducing the likelihood of unfair treatment, undue financial hardship, or exclusion from essential financial services. financial advisers must now train your representatives to recognise and address the needs of vulnerable consumers, as well as enhancing customer service processes to provide tailored responses well suited to the specific individual circumstances of this group. for example, clients who find it challenging to read standard printed documents due to being visually impaired are deemed as vulnerable financial consumers. thus, a financial adviser's representative must take proactive steps to accommodate their needs by scheduling regular calls or in - person meetings to explain all relevant information. they can also verbally summarise key points and ensure the client has ample opportunity to ask questions and seek clarification. by committing to these principles, financial advisers can build stronger, more trusting relationships with your clients, fostering a more inclusive and resilient financial sector. the recent decade has witnessed growth in the medical and health insurance and takaful ( or mhit ) business. this emanates from the rising consumer demand for better access to quality healthcare and an increasing awareness of mhit coverage as a financial safeguard when faced with unexpected health events. bank negara malaysia is actively pursuing reforms to maintain the accessibility and sustainability of mhit protection. these efforts are reflected in the policy document on mhit business issued early this year in february 2024. one of the key strategies of the policy is that malaysia now mandates the itos to offer mhit products with a co - payment feature2 as a lower - cost option to consumers. nevertheless, consumers can still continue to purchase mhit products that are currently offered by itos without the co - payment feature, preserving consumer's choice. in addition, itos are expected to offer a range of mhit products with varying copayment levels that would cater to the different financial needs and circumstances of consumers, which further preserves competition. it is also important to note that the policy institutes higher standards for mhit business conduct and sales practices among itos and their intermediaries. this includes enhanced disclosure requirements and additional guidance to the itos

transformation of human resource strategies. given that in this new environment human capital has become a key factor that will drive results, it is therefore not only the investment in talent that has become key, but also their management. human capital management therefore needs to be a top priority in organisations. certainly this is the case for financial institutions for which the demands and expectations are high. new approaches and strategies for human capital management will be required. these strategies need to be aligned with the strategic objectives of the organisation. a vital part of this is the capacity building of the human capital management team itself to ensure that they will best serve their organisation. there also has to be strong engagement between the leadership and the human capital management team. there has to be an acute awareness of how the forces of change and the new environment is reshaping the demand and supply of talent and how the existing talent needs to be transformed to meet the objectives of the organisation in a highly dynamic environment. human capital management is no longer about the efficient delivery of support services. it is now about the management of talent in the organisation to strengthen and enhance its performance. the human capital management also needs to be well supported by an integrated information system that can allow for rigorous analysis that can become an important basis for decision making. finally, there need to be continuous socialisation of the human capital reforms to ensure the effective implementation of the difficult reforms and changes in the organisation. conclusion let me conclude my remarks. as we advance forward into the future, the economic and financial landscape can be expected to be continuously redefined. if we are to stay ahead of the curve and be well positioned to meet the new challenges, high priority needs to be given to talent development and management. education and capacity building to generate the new talent with the right skills, mindsets and values is only one part of the solution. new bis central bankers ’ speeches strategies and approaches for the effective human capital management is an equally important part of the equation. many of these issues are likely to be discussed at this symposium. let me thank the speakers, especially those who have travelled here from a far for their contribution to this symposium. let me take the opportunity to wish you an engaging and productive symposium. bis central bankers ’ speeches