Talks on financial system vital: Ain

 NEW developments and the rapid growth in the financial system warrant forums such as consumer protection and market conduct workshop for the financial service sector underway in Port Moresby. 

This was the view of Independent Consumer and Competition Commission chief executive officer Paulus Ain, during the two-day workshop in Port Moresby.

“This includes Consumer Protection for Financial Services consumers,” Ain said. 

“The issue of consumer protection has become one of the key topics being discussed in forums both domestically and internationally and focus on addressing the wellbeing of consumers or depositors,” he said.

“This workshop will seek views and inputs from stakeholders and experts taking into account the discussion to formulate a best practice consumer protection model for PNG.”

He said consumer protection was about preventing misrepresentation by business and industries.  

“It is about protecting the consumer against shoddy and unsafe goods, unfair dealings and conducts by businesses,” he said.

“Broadly speaking, the challenges consumer experience are similar in many countries. 

In many respects, the process and tools applied in dealing with consumer issues are also similar, but with some variation depending on the country specific regulation.”

Governor of the Bank of Papua New Guinea Loi Bakani is expected to close the workshop today.