The financial sector in Thailand aims to adopt a vision for market conduct that aligns with the best practices of ASEAN and the world. This vision involves creating a regulatory environment that promotes fair, transparent, and competitive
The Bank of Thailand is responsible for overseeing the financial sector in the country, and it aims to ensure that the sector participants behave in a responsible and ethical manner. The central bank emphasizes the need for good governance, anti-money laundering measures, and transparency among the financial service providers. The central bank believes that good conduct is crucial for building and maintaining public trust and confidence in the financial sector, which can help the sector grow and contribute to the economic development of Thailand. The central bank's goal is to create a stable financial environment that supports the long-term and inclusive growth of the economy.
The Bank of Thailand is responsible for ensuring that the financial sector operates fairly, transparently, and efficiently. One of its primary functions is to regulate the market conduct and consumer protection of financial institutions and intermediaries. To do this, the Bank of Thailand hired a Banking and Financial Consumer Protection expert to evaluate its current policies and practices and to recommend improvements. The expert focused on two key areas: Consumer Protection and Education and Awareness.
Consumer Protection refers to the measures the Bank of Thailand takes to protect consumers and investors from unfair, deceptive, or abusive practices by financial service providers. These include setting standards for disclosure, suitability, complaints handling, dispute resolution, and compensation. The expert analyzed how the Bank of Thailand monitors and enforces these standards and coordinates with other regulators and agencies.
Education and Awareness refers to the initiatives that the Bank of Thailand undertakes to enhance consumers' and investors' financial literacy and capability. These include providing information, education, and guidance on financial products and services and promoting a culture of honesty, openness, integrity, responsibility, cooperation, respect, innovation, competition, professionalism, and commitment among financial service providers and users. The expert assessed how the Bank of Thailand designs and delivers these initiatives and how it evaluates their impact.
The expert's report provided the Bank of Thailand with valuable insights and suggestions on improving its market conduct regulation and consumer protection in the financial sector. The report also highlighted the challenges and opportunities that the Bank of Thailand faces in the context of the global expansion and volatility of the financial sector.
The financial sector in Thailand aims to adopt a vision for market conduct that aligns with the best practices of ASEAN and the world. This vision involves creating a regulatory environment that promotes fair, transparent, and competitive