Banking sector to ensure customer protection
An international conference entitled “A Sound Regulatory and Supervisory Regime for Financial Consumer Protection in Mongolia” was organized by the Bank of Mongolia.
The banking sector is to ensure customer protection. An international conference entitled “A Sound Regulatory and Supervisory Regime for Financial Consumer Protection in Mongolia - The Role of Banking and Financing Regulator” has allowed the bankers and financial institutions’ representatives to have a deeper discussion on Mongolian banking sector. The commonly discussed issues at the meeting were to make the financial services more convenient and accessible by setting prudential ratios and effective coordination to financial service providers and co-implementing steps to improve public financial literacy. As a consequence, a sustainability and accessibility of financial sector will be ensured. Also, the international consultant of the project gave guidance to the Bank of Mongolia (BoM) to have full authority and mandate, and create an independent monitoring unit to protect customers, adapt related regulations and oversee the implementation. The consultant highlighted the significance of establishing Financial Ombudsman, an organizational structure for resolving financial disputes between the customers, bank and financial institutes more quickly and effectively, in Mongolia. The conference was organized by the BoM in cooperation with the Asian Development Bank (ADB), that attracted dozens of representatives from international and local banking and financial institutions.
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