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First ever project to target financial consumer protection underway www.montsame.mn
Ulaanbaatar /MONTSAME/ The Asian Development Bank established a memorandum of understanding with Bank of Mongolia on realizing financial consumer protection sub-component of Supporting Financial sector development and stability of Mongolia project. Within the project, a study on financial consumer protection was carried-out and a recommendation was released. The Bank of Mongolia organized a national consultation meeting ‘Current regulations and legal situation of financial consumer protection and recommendation on improvement’, where the recommendation was introduced. The recommendation indicated the necessity of having financial consumer protection regulations, forming audit structure, supervise and reporting.
The consultation meeting was attended by representatives of Financial Regulatory Commission, Authority for Fair Competition and Customers Protection, Mongolian Bankers Association, Bank and Financial Academy and other professional unions.
The first ever project targeted to financial consumer protection covers whole financial sector and as a result of the project, financial consumer protection framework is expected to be enhanced and system and mechanism to resolve disputes in finance sector in non-judicial process to be formed.
B.Ooluun
Published Date:2017-05-29
