Ellison Pidik

Assistant Governor to the Bank of PNG, Ellison Pidik, said this recently when issuing 16 licensing certificates to Savings & Loans Society companies.

It was a milestones event as it was the first time in history that the Central Bank issued a high number of licences.

As part of the reforms under the new Savings and Loan Societies Act 2015, all existing societies are required to incorporate as a company and be issued a new licence to continue operating.

Bank of PNG Assistant Governor, Ellison Pidik, said the review is to ensure the policies are up-to-date so that the sectors are regulated properly.

He said under the Financial Services Sector Review, a recommendation has been sent to the NEC, through Treasury, for the establishment of a task force to conduct the review.

The review would look at the potential stumbling blocks, potential difficulties as well as provisions in the act that can be amended.

“The review will be for both life insurance and superannuation, as they both go hand in hand,” said Pidik