REPUBLIKA.CO.ID, NUSA DUA -- The Financial Services Authority (OJK) underlines the importance of consumer education in capital market supervision. This steps aims to create a healthy financial service market to compete positively.

Chairman of OJK's Board of Commissioners, Muliaman D Hadad said that OJK did not only has the mandate to protect and monitor market behaviour since 2011, but also to educate consumers.

"Consumers wanted to work closely with trusted financial service institutions. Of course, it must be followed by the understanding of financial products," Hadad said on Monday.

Consumer education is also important to increase the demand for financial products. Deputy Commissioner of the Australian Securities and Investments Commission (ASIC) Peter Kell said that ASIC had role in terms of consumer protection. ASIC also encourages financial literacy among investors and service users, beside as credit and financial service regulator.

Consumers have to avoid high-risk products and its criminal potential. The initiative is also in line with the vision of G20, FinCoNet dan IOSCO.

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