Kuala Lumpur, 13 November 2015: Perbadanan Insurans Deposit Malaysia (PIDM) has provided for public feedback, an online survey on its consultation papers on how information is provided by member financial institutions (Members) to their customers about PIDM’s protection related to deposit products and takaful and insurance benefits.
The aim of this survey is to seek views and comments from financial consumers on the proposed disclosure requirements that will be prescribed under PIDM’s Information Regulations.
The disclosure requirements require banks, insurance companies and takaful operators, who are PIDM’s Members, to provide accurate, relevant and timely information to their customers about the protection provided by PIDM.
“Financial consumers have the right to be informed in advance of whether a financial institution is a PIDM member and whether or not a deposit product, takaful or insurance benefit is protected by PIDM. Therefore, we urge financial consumers to provide their feedback to these consultation papers,” said Encik Rafiz Azuan Abdullah, PIDM Executive General Manager.
The Information Regulations also aim to enhance consumer awareness of the benefits provided under the Deposit Insurance System (DIS) and the Takaful and Insurance Benefits Protection System (TIPS) which will in turn promote and contribute to the stability of the nation’s financial system,” he explained.
The disclosure requirements for member banks are being enhanced under the Malaysia Deposit Insurance Corporation (Provision of Information on Deposit Insurance) Regulations issued since 2011, while proposed disclosure requirements for insurer members are new. PIDM has incorporated feedback received from its Members prior to this round of public consultation.
The public can provide feedback to the proposals by either participating in an online survey on PIDM’s website; or submitting comments via e-mail, by hand, post or fax, before 13 December 2015. Further details on the consultation papers and how to submit responses are available on PIDM's corporate website at www.pidm.gov.my.
PIDM will collate and address the comments and responses received on this round of consultation, and will publish the results on PIDM’s website in early 2016.
For more information about this press release, kindly contact:
Juli Murshidah, Manager, Communications and Public Affairs Division
(Tel: 03-2173 7465; Email: email@example.com)
For further information:
PIDM protects your deposits in the bank as well as your takaful and insurance benefits in the unlikely event of a failure of a member bank or a takaful operator / insurance company.