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Summary Record SUMMARY RECORD OECD-BANK INDONESIA REGIONAL ASIAN SEMINAR ON FINANCIAL LITERACY: TOWARDS A NATIONAL STRATEGY ON FINANCIAL EDUCATION 27 JUNE 2011 JAKARTA, INDONESIA INTRODUCTION AND BACKGROUND The OECD-Bank Indonesia Regional Asian Seminar on Financial Literacy: Towards a National Strategy on Financial Education was held in Jakarta on 27 June 2011. It was co-organised by the Organisation for Economic Co-operation and Development (OECD) and Bank Indonesia (BI) with the support of the Government of Japan. The event was held at Bank Indonesia premises in downtown Jakarta. An international audience of high-level governmental officials and experts from public bodies, regulatory and supervisory authorities attended the conference along with senior decision makers and academics from OECD countries and non-OECD members’ economies. Participation from Indonesia was very high, due notably to the imminent launching of the Indonesian national strategy for financial education and inclusion and to these being a key priority selected by Indonesia in its forthcoming role of ASEAN President. Around 202 participants coming from 15 member and non- member economies (including 2 additional Enhanced Engagement countries: India and South Africa) attended the event – see attached list of participants -. The programme of the seminar allowed the discussion of the priorities identified by Indonesia within its national strategy and the dissemination of international good practices and instruments developed by the INFE/OECD: Special address: Complementarities between financial inclusion, financial consumer protection and financial education PANEL I - Importance of Coordinated Financial Education Strategy to Improve Financial Inclusion: Asian Experience Special address: Next steps in the financial education agenda: the UK Experience PANEL II - Measurement of Financial Literacy: a First Important Step for the Development of National Coordinated Programmes PANEL III - Empowering Future Generations: Financial Education for Young People and in Schools Presentations and speeches are available on the seminar dedicated website. Opening remarks Deputy Secretary General Richard Boucher, OECD, expressed the pleasure for the OECD to organize with Bank Indonesia a second international meeting on financial education after the success of the first one in October 2008. He conveyed his strong satisfaction for the deepening of the relations between Indonesia and the OECD and thanked the audience and the authorities attending the seminar, whose presence was a testimony to their political determination and commitment to better financial education and inclusion. DSG Boucher explained the need for a three-pronged, demand-side approach to financial markets involving enhanced financial inclusion, appropriate 2 consumer protection and improved financial awareness and literacy. He concluded offering the OECD full support to this endeavour, in accordance with the OECD-BI Memoranda of Understanding, stressing the need to empower future generations and enhance the well-being of individuals, family, and ultimately of the whole economy. Deputy Governor Muliaman Hadad, Bank Indonesia, welcomed the more than 200 participants and international speakers and thanked them for attending the OECD-BI Seminar in Jakarta, in a day of celebrations marking the 484th anniversary of the city foundation. In his opening speech he explained the mutually complementing relationship between financial education and inclusion. He noted how higher levels of financial literacy are an essential gateway to better living standards for South-East Asian households. He also addressed the need for thorough methodologies and tools for effective financial education policies and concluded praising the role played by financial literacy and inclusion in preserving financial stability. Special address: Complementarities between financial inclusion, financial consumer protection and financial education The special address was delivered by Mr. Hidehiko Sogano, Vice-Chair of the OECD Committee on Financial Markets (CMF) and Deputy Director General, Bank of Japan. Mr. Sogano gave an overview of the post-crisis context noting in particular the increasing complexity of saving and investment products and the transfer of risk to individuals. Such developments call for a redefinition of financial market efficiency that includes financial consumer protection as a cornerstone within a tripartite approach seeking to protect consumers, empower them through financial education and provide them with access to affordable and appropriate financial products. Mr Sogano also explained how each of these components should be designed and implemented, notably in the framework of the specificities of Asian countries. He then described the role of the OECD in defining good practices in the field. In particular he stressed the important contribution of the countries that are members of the OECD International Network on Financial Education (INFE). Their knowledge and experience assist the OECD Secretariat in developing guidelines, disseminating best practice, setting standards on instruments and frameworks to enhance financial education and consumer protection. Mr Sogano concluded his intervention mentioning the stock taking exercise on financial consumer protection regulatory regimes undertaken by the OECD and the creation of the Financial Consumer Protection Task Force in the framework of the G20 call on options to strengthen consumer protection in the area of financial services. PANEL I - IMPORTANCE OF COORDINATED FINANCIAL EDUCATION STRATEGY TO IMPROVE FINANCIAL INCLUSION: ASIAN EXPERIENCE The session, moderated by Deputy Governor Muliaman Hadad, Bank Indonesia, addressed the advantages of developing financial inclusion programmes combined with financial literacy strategies, the instruments and tools designed by the OECD on financial literacy and education and the challenges and solutions relating in particular to the Asian experience. Ms. Flore-Anne Messy, Principal Administrator, Financial Education, OECD, began by underlining the importance of an international approach to address financial exclusion especially thanks to the momentum provided by the attention of global policymakers to these issues determined by the development of the G20 principles for innovative financial inclusion. She then presented the international perspective, notably the instruments developed by the OECD and its INFE in relation to 3 national strategies and coordinated approaches, and explained the importance of the financial education component of effective financial inclusion. Ms Messy noted how the demand side of financial inclusion has not been sufficiently addressed and how this is a crucial step to improve qualitatively financial inclusion and empower consumers. Dr. Deepali Pant Joshi, Chief General Manager-In-Charge, Reserve Bank of India, underlined the twin aspects of financial inclusion, outlining the key components of the demand and supply side, and how they both aim at the same objectives in a continuous process. She then described the main initiatives of RBI, and addressed the importance of acting on financial literacy and through what she identified as its key elements, namely personal financial management, provision of information and operational knowledge. She concluded her intervention presenting some interesting data about increasing banking services penetration in India and stressing the importance of collaboration among various institutions in her country. Dr. Johnny Noe E. Ravalo, Managing Director, Central Bank of the Philippines, presented the case for financial inclusion in the Philippines beginning with a detailed overview of the demographic and geographical features of the archipelago and addressing the role of overseas workers and the level of penetration of bank branches in the country. Dr. Ravalo explained how market forces alone won’t resolve financial exclusion, as social gains are obvious but economic ones are not. This is why, he stressed, there needs to be a definition of new banking regulations tailor made to allow this sector to flourish. Dr Ravalo concluded presenting the details of such regulations and the initiatives of the central bank to favour microfinance and their impact. Special address: Next steps in the financial education agenda: the UK Experience Mr Gerard Lemos, Chairman, the Money Advice Service, UK, explained the change of approach to financial education decided by the UK, motivated by the long-term financial risk shifting from states to citizens and the need to ensure that customers know whether the products they are sold are fit for purpose. In presence of increasing cases of mis-selling by financial institutions and of clients of financial products overwhelmed by more and more complex information, the UK decided to complement the existing elements of regulation and education with a free and universal money advice service. He explained in detail how such service works (in particular the “ financial health check”) to benefit citizens and concluded stressing the need to have political and industry support but also to be perceived as fully independent. PANEL II - MEASUREMENT OF FINANCIAL LITERACY: A FIRST IMPORTANT STEP FOR THE DEVELOPMENT OF NATIONAL COORDINATED PROGRAMMES The panel, chaired by Mr. Hidehiko Sogano, Vice-Chair of the OECD Committee on Financial Markets and Deputy Director General, Financial Markets and International Department, Bank of Japan, analysed the importance of assessing needs and gaps
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