9.1 Consumer Education and Awareness

9.1.1 Introduction

Article 121/2 of the Decretal Law states: “The Central Bank and Licensed Financial Institutions shall work together to raise public awareness of the types of banking services and financial products and their inherent risk through all means of communications and media, in accordance with the rules set by the Central Bank in this regard.”

Financial education and awareness must play an important role in the Consumer protection framework. Financial education can help to reduce the risk exposure of Consumers by enabling them to make financial decisions that are in their best interests. The collaboration between the Central Bank and Licensed Financial Institutions to expand efforts to increase awareness will help to mitigate risks to Consumer and aid Consumers in making informed financial decisions.

9.1.2 Description

1. 9.1.2.1 Licensed Financial Institutions have responsibility in improving Consumers’ financial education and awareness. Licensed Financial Institutions must undertake on-going initiatives to increase awareness, mitigate Consumer risks and aid Consumers in making informed financial decisions.
    
2. 9.1.2.2 Where products and/or services are offered online or in any other digital form, Licensed Financial Institutions must still comply with the provisions of the Regulation and accompanying Standards by providing Consumers with unbiased educational information and ensure Consumer awareness of any risks before acceptance of the product or services is completed.
    
3. 9.1.2.3 Licensed Financial Institutions must collaborate with the Central Bank and may assist jointly with other stakeholders to promote financial education and awareness.
    
4. 9.1.2.4 Licensed Financial Institutions must assist Consumers to develop knowledge, skills and confidence to sufficiently understand risks, make informed choices, know where to go for Advice / assistance, and to take positive action to improve their own financial wellbeing.