The Central in a process of drafting a Regulation in relation to developing a comprehensive financial consumer protection framework. This will be covering the entities under its purview, enabling them to proactively engage in regulation of financial market conduct and other related activities.
According to Central Bank vision for 2021 a new contact center is to be set up, which will facilitate the effective discharge of its activities with easy access for financial consumers. Further, it is expected to introduce a new Financial Consumer Protection Act to cover all financial institutions, while measures will also be taken in the period ahead to set up an autonomous financial consumer protection authority covering all the stakeholders in the financial industry.
This announcement is a one key point of the 32-page document published on Road Map 2021- Monetary and Financial Sector Policies for the year announced by Govender Deshmanya Professor W D Lakshman today. The year 2020 was a period most of us would like to forget in a hurry, primarily because of horrendous effects, which the coronavirus pandemic has had over humanity throughout the world. The pandemic that we are currently experiencing is by far the most severe global crisis after World War II. he explains to the country in his speech.
Throughout the last ten-odd months of 2020, all we heard was news of misery, deaths and fear. Our lives have taken a massive shock and we still do not know when we will be able to get back to normalcy again. However, a new year is waiting for us and there is hope as well as some real evidence that things will start to get better relatively soon. As we leave the unpleasant memories of 2020 behind, it is important to feel positive about the future and it would be good to spread some positivity around, whatever the doomsayers around us may say the Governor adds.
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