Улаанбаатар
Online discussion introduces draft law on financial consumer protection
Economy
Ulaanbaatar /MONTSAME/. The Financial Regulatory Commission (FRC) of Mongolia and the Bank of Mongolia (BoM) jointly organized an online discussion last week, on the draft Law on Financial Consumer Protection. The event marks the beginning of the process of introducing the draft law; to relevant government agencies and professional associations in the financial sector.
During the meeting, the working group for drafting the law presented reports on the social and economic consequences of its adoption, and the results to be achieved. There was also a presentation on the implementation of a public financial literacy program, which was accompanied by questions and answers, and other exchanges among participants.
The working group had cooperated with the Asian Development Bank's ‘Development of Legal Regulation for the Financial Consumer Protection’ project, which focused on introducing international principles and simplifying legislation in the field of financial consumer protection.
The discussions included participants from the FRC, BoM, Ministry of Finance, Office of Fair Competition and Consumer Protection, General Council of the Judiciary, Ministry of Justice and Home Affairs, Mongolian Banking Association, Mongolian Association of Non-Bank Financial Institutions, and the Mongolian Securities Dealers Association. In addition, more than 40 representatives from organizations such as the National Association of Traders in Precious Metals and Stones also participated.
Presentations on International best practices and recommendations for the Financial Consumer Protection, Introduction to the Draft Law on Financial Consumer Protection, legal possibilities and arrangements for resolving financial complaints and disputes out of court and implementation of a public financial literacy program were made during the discussion.
