also includes information on islamic banking, the credit bureau and the malaysian currency and on bank negara malaysia. all these booklets can be obtained from branches of the commercial banks and finance companies and can be accessed from the bankinginfo website. ladies and gentlemen, today is just the first step forward in the consumer education programme. bankinginfo is a 10 - year programme, and over time, the plan is to cover a greater range of banking products and services. consumer associations can contribute to this process. consumer associations play an important role in disseminating and educating consumers on their rights and responsibilities. through your direct contact with consumers, you can in the education process encourage reference to the one - stop information center established for this purpose and highlighting the importance and benefits of becoming financially literate. the wide network and access to consumers, the consumer associations also represent an important source of reference to improve the programme. through this process, i am sure that the programme will become an important and beneficial source of information on banking matters for consumers. as part of the consumer protection infrastructure, it is also planned that the scope of issues which can be mediated by the banking mediation bureau be expanded. the guidelines on minimum standards on product disclosure, including prescribing and adopting standard terms and definitions are now being reviewed. these initiatives will ensure avenues to seek redress at reasonable costs be further strengthened while transparency in the financial marketplace will be improved. the banking mediation bureau ( bmb ), was established almost eight years ago. it is timely that a review is carried out in terms of its role as well as the scope of its activities. currently under review is the proposal to merge the mediation bureau for the banking sector with its insurance counterpart to create a new entity that would not only handle issues on banking but also on insurance services being offered as well as by other institutions under the supervision of bnm. these include the islamic banks, takaful companies and development financial institutions. another initiative is the development of a framework to increase product - specific and institutional transparency, with the view to move towards full disclosure at a later stage. the initiative to improve transparency for all retail financial products aims to ensure that consumers receive sufficient and relevant information they can use to make informed decisions on financial products. in a move to make islamic banking products more easily distinguishable and better understood, the letter'i'has been suffixed to the generic names of islamic banking products. in addition, the generic names have been standardised to enable customers to

setting - up of a one - stop consumer education centre is to address information gaps that may exist. the programme also aims to broaden the consumers'horizon by enhancing their knowledge on the new and more innovative ways of conducting banking. internet banking, for example, is a fast and convenient mode of conducting banking transactions that has yet to gain widespread acceptance amongst banking consumers. with greater access to information on this, consumers can be better informed on the advantages of this form of banking. any fears or apprehension on this mode of banking may be removed thus allowing for greater convenience derived from banking via desktops in the comfort of the home or office. increased access by the public to information will also increase the level of awareness not only of the rights of consumers but also on the responsibilities of both the consumers and financial institutions with regard to the financial products and services being offered. consumers should be aware of their rights and how best to seek redress if there is dissatisfaction with the products or services purchased. through active consumerism, banking products and services will need to keep up with the expectations of consumers and this will inherently contribute towards improved banking products and services. as consumers become more aware of the financial product characteristics and the choices of financial providers, they will be in a better position to demand for a broader range for products and services customized to their requirements, at more competitive prices and through more convenient channels. this will contribute to the development of the financial sector as it will prompt increased innovation in response to these demands. indeed, product life cycles can be expected to shorten in the retail financial services. for example, checking accounts are being fast being replaced by cash management accounts. well informed and discerning consumers are a powerful force in shaping and driving the market. banking institutions will thus have to continually innovate in order to meet consumers'preferences and expectations. consumers'demand will thus be able to drive business competitiveness, spur greater innovation and challenge banking institutions to strengthen their competitive advantage. educated consumers are without doubt, a powerful force to drive performance improvements in banking institutions to attain the desired efficiency and effectiveness in a market driven environment. financially savvy consumers will demand greater clarity and transparency in the way banking products and services are provided to customers. communication policies by banking institutions therefore needs to ensure clear and effective communication of key information to customers, especially with regard to the more complex products. indeed, increasingly knowledgeable customers would not only allow for good financial decisions, but there would also be pressure for banking personnel to not