Ulaanbaatar
Bank of Mongolia to introduce G20 High Level Principles on Financial Consumer Protection
Economy
Ulaanbaatar /MONTSAME/ The Bank of Mongolia is introducing 11 principles of G20 High Level Principles on Financial Consumer Protection developed by Organization for Economic Co-operation and Development (OECD).
The BoM formulated principles in the following directions, considering the issue on financial consumer protection will be coordinated under the rule of regulatory organization and ensured within its supervision.
As projected in the principles, a financial services provider is responsible for strengthening good governance in organization, treating all costumers equally, honestly and fairly.
All financial parties undertake to promote financial education and carry out activities on imparting consumer-oriented knowledge and skills.
In addition, consumer’s savings, correspondent account, and all other assets are to be prevented and protected from fraud and misuse.
The BoM formulated principles in the following directions, considering the issue on financial consumer protection will be coordinated under the rule of regulatory organization and ensured within its supervision.
As projected in the principles, a financial services provider is responsible for strengthening good governance in organization, treating all costumers equally, honestly and fairly.
All financial parties undertake to promote financial education and carry out activities on imparting consumer-oriented knowledge and skills.
In addition, consumer’s savings, correspondent account, and all other assets are to be prevented and protected from fraud and misuse.
B.Batchimeg
