The Implementing Regulations of the Finance Companies Control Law include supervisory and control provisions of the finance sector, including licensing requirements, conditions and procedures, and work rules of finance companies, the regulatory standards to be observed in practicing the activity, the requirements and standards necessary for the protection of consumer rights in finance  2  BIS central bankers’ speeches  services, including determining the method of calculating the annual percentage rate of financing, and clarity of procedures and criteria for early repayment. Activation of the Finance Laws is expected to have a positive impact on developing and promoting the finance activity in the Kingdom, improving the level of provided services by taking advantage of available assets and capital, in addition to finding new sources of funding to finance the activities of finance companies through the secondary market, which will be reflected positively on economic activity and create more jobs. SAMA has established the Department of Consumer Protection to ensure the clients’ rights in the sectors supervised by SAMA and to look into their complaints and improve the level of services of these sectors. SAMA will be happy to receive all complaints as it attaches great importance to protecting the rights of customers and raising the level of services provided to them. In conclusion, I welcome this distinctive elite of media journalists, and I am pleased to answer your questions. Asslam Alaikum Wa Rhmat Allah Wa Barakatuh. BIS central bankers’ speeches  3
In Asia, economic and financial liberalization is a powerful driving force that is reshaping our financial landscape today. This could potentially open up the gap between risk and our ability to manage it. So what should be our strategy to build trust, but avoid being blinded by our sense of security? The strategy to deal with this is to have Trust that is counter balanced by well informed debate on risk management, supervision, and good governance. So, we need a good dose of well-informed skepticism, as well as financially literate public. Let me turn to the progress on the global efforts to reform regulation. Where are we today? In all of these reforms – be they Basel or FSB – the questions we ask are these. Have we done enough to rebuild “Trust” and secure financial soundness? Is the international standard right for the local context? Are there unintended consequences, i.e. the bad side-effects? Getting it right, with the right balance, and right timing is very difficult. This is especially so when the dust has not settled, and the real economy is still vulnerable. Indeed, five years after the crisis erupted in the US, we are still seeing the spread of impact in Europe, and deleveraging of European banks. From Thailand’s own bitter experience of the 1997 crisis, the combined impact of all the economic and financial sector reforms was hard to gauge beforehand.