1. Charlotte Wezi Malonda Executive Director Competition and Fair Trading Commission Malawi Crossroads Hotel Lilongwe, Malawi 8-10 September 2014

2.  Legal regulation ( Financial services Act) The Registrar  Reserve Bank  Informal / Private Regulation  Bankers Association  Insurance Association  Associations are registered as Trusts

3.  Banks, discount houses, insurance companies  In Malawi we have a consolidation of regulation of the financial sector.  All financial institutions regulated by the ROFI.  Associations are an arrangement outside legal regulation.  As in other sectors associations also raise competition risks.  Associations not sanctioned by law or regulated by legal regulator.

4.  Cartelisation of activities by financial institutions.  Usurpation of role of regulators in the market.  Influence and loss of independence of individual institutions.  May provide forum for Coordination of anti- competitive conduct

5.  Financial sector not excluded from liberalisation, competition, consumer protection.  Impact of sector activities have a cross cutting effect.  Rely more on certainties and not speculation.  Institutions critical for countries economies.  Competition and Consumer protection key to stability of markets.

6.  Levels of consumer protection within the sector unclear.  Public outcry on issues:  Unfair contractual terms  None disclosure of crucial information  Misleading information  Misleading advertising  Unconscionable conduct ( supernormal profits due to high charges), abusive clauses in contracts  T&C ‘s apply

7.  Memorandum of Understanding  Provides framework for better appreciation of how financial institutions operate.  Provides opportunity for complementary efforts in regulation and law enforcement.  Provides clean and verified market intelligence based on facts and figures, less speculative and uncertain.  Builds trust and confidence in relationship between regulators

8.  Allows intimate engagement with highly regulated sectors.  Builds public confidence that regulators know boundaries.  Harmonises government policy and its implementation.  Avoids delivery of decisions that are discordant.

9.  Highly sensitive market.  Competition and consumer protection issues still need the education and awareness they deserve.  Financial institutions should be encouraged to undertake competition and consumer audits as part of their compliance programme.

10.  THANK YOU CONTACT US ON www.cftc.mw CFTC MPIKISANO HOUSE PRIVATE BAG 332 LILONGWE 3 MALAWI