BPNG and partners draw up guidelines to protect consumers

Bank of Papua New Guinea and partners will draw up guidelines to protect consumers from financial institutions abuse.

A consultative workshop involving the regulator and all financial institutions was held in Port Moresby today.

BPNG Assistant Governor Ellison Pidik told Loop PNG that the 'consumer protection and market conduct framework workshop for PNG financial sector' is a first of its kind.

Pidik said the main purpose of the workshop is to get stakeholders’ input for a draft guideline.

"A framework that will help us (BPNG) to develop a guideline that will address the right and obligation of consumer and help us to guide financial institutions in terms of their marketing conducts. "

“For instance, what advertisements they produce must be true according to their product," Pidik told Loop PNG. He added that currently their is no law protecting consumers.

Charles Yapumi