Independent Consumer and Competition Commission Commissioner Paulus Ain made these comments when officially opening the 'consumer protection and market conduct framework workshop for PNG financial sector' today in Port Moresby.
The two-day workshop aims to draw up recommendations for a draft guideline to protect consumers from financial institution marketing.
“The findings and recommendation of these review will, once again provide the Government of PNG the opportunity to introduce reforms to ensure on-going and up-to-date industry and international best practice by resident stakeholders,” Ain said.
“The workshop is critical for the development of a consumer protection and market conduct framework for the financial sector due to the rapidly changing environment such as the development of the National Payments system and introduction of electronic banking in PNG.”
The workshop is an initiative of the Bank of PNG and co-funded by Alliance for Financial Inclusion, the Federation of Savings and Loans Societies and the Centre of Excellence in Financial Inclusion.
The workshop ends tomorrow.
Caption: File picture of ICCC commissioner Paulus Ain.