The Reserve Bank of Fiji has recently adopted a policy for the protection and fair treatment of financial consumers, said RBF Governor Ariff Ali while speaking at the Alliance for Financial Inclusion Working Groups meeting in Nadi on Monday.
He said the policy was approved by the RBF board late last year.
“The policy is the first to be implemented in the region and will complement the policy on culture and market conduct approved by the RBF board late last year,” he said.
“I firmly believe that when consumers have the right knowledge and skills, are confident to make informed choices and understand their rights, they can critically evaluate products and services, demand transparency, and drive market players to adopt ethical conduct.
“Fiji, like your respective countries, acknowledges the significance of empowering consumers to make informed financial choices.”
Mr Ali said while the bank encouraged financial service providers to embrace innovation and address market gaps, it also recognised the need to educate and empower consumers.
“It is imperative that consumers are well informed, remain vigilant, ask pertinent questions, and thoughtfully consider their financial decisions before committing to financial services.”
