Ulaanbaatar
Banking sector representatives discuss consumer protection
Economy
Ulaanbaatar /MONTSAME/ The Bank of Mongolia (BoM) has organized an international conference entitled “A Sound Regulatory and Supervisory Regime for Financial Consumer Protection in Mongolia-The Role of Banking and Financing Regulator” on October 12.
In cooperation with the Asian Development Bank (ADB), the conference was attended by governmental and non-governmental organization representatives from Australia, Italy, Japan, the People’s Republic of China, the Republic of Korea, Armenia and Indonesia, as well as the Mongolia’s Financial Regulatory Commission, the Ministry of Finance, the Authority for Fair Competition and Consumer Protection, the Mongolian Bankers Association, banks, financial institutions and other organizations.
The common issues discussed at the meeting were to make the financial services more convenient and accessible by setting prudential ratios and effective coordination to financial service providers and co-implementing steps to improve public financial literacy. As a result, these will directly affect the sustainability and accessibility of financial sector.
The international consultant of the project gave guidance to the BoM to have full authority and mandate, create an independent monitoring unit to protect customers, adapt related regulations and oversee the implementation.
Furthermore, the consultant highlighted significance of establishing Financial Ombudsman, an organizational structure for resolving financial disputes between the customers, bank and financial institutes more quickly and effectively, in Mongolia.
In cooperation with the Asian Development Bank (ADB), the conference was attended by governmental and non-governmental organization representatives from Australia, Italy, Japan, the People’s Republic of China, the Republic of Korea, Armenia and Indonesia, as well as the Mongolia’s Financial Regulatory Commission, the Ministry of Finance, the Authority for Fair Competition and Consumer Protection, the Mongolian Bankers Association, banks, financial institutions and other organizations.
The common issues discussed at the meeting were to make the financial services more convenient and accessible by setting prudential ratios and effective coordination to financial service providers and co-implementing steps to improve public financial literacy. As a result, these will directly affect the sustainability and accessibility of financial sector.
The international consultant of the project gave guidance to the BoM to have full authority and mandate, create an independent monitoring unit to protect customers, adapt related regulations and oversee the implementation.
Furthermore, the consultant highlighted significance of establishing Financial Ombudsman, an organizational structure for resolving financial disputes between the customers, bank and financial institutes more quickly and effectively, in Mongolia.
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