The Development of Consumer Protection Policies in Malaysia

Authors

  • Mohamad Fazli Sabri Sustainable Consumption Research Centre of Excellence (SCoRE), Faculty of Human Ecology, Universiti Putra Malaysia Department of Resource Management & Consumer Studies, Faculty of Human Ecology, Universiti Putra Malaysia

DOI:

https://doi.org/10.18533/ijbsr.v4i6.519

Keywords:

Consumer, Consumer Policies, Empowered Consumers

Abstract

The Malaysian government envisions Malaysia as an inclusive and sustainable high-income nation by 2020. The definition of “high income” is per capita income of USD15, 000 or MYR48, 000, based on the World Bank’s current definition of “high income”. The objective is not merely a quantitative target; it is also about Malaysia being an advanced and developed nation with an economy having the characteristics of developed nations. Advancements in information and communication technology (ICT) and globalization have resulted in the evolution of a more complex and challenging marketplace. As today’s consumers are constantly faced with a bewildering array of goods and services in the market, consumers must be equipped with an elevated level of consumerism knowledge and skills. Malaysian consumers thus need to be kept in touch with developments in the market, enabling them to act and decide effectively, to ensure that they develop as more empowered, savvy and resilient consumers now and after Malaysia transforms into a developed nation. However, without the government’s intervention to protect consumers through adequate legislations and enforcement, the aim of creating “empowered consumers” will not be realized. This paper aims to discuss the development of consumer protection policies in Malaysia.

 

Author Biography

  • Mohamad Fazli Sabri, Sustainable Consumption Research Centre of Excellence (SCoRE), Faculty of Human Ecology, Universiti Putra Malaysia Department of Resource Management & Consumer Studies, Faculty of Human Ecology, Universiti Putra Malaysia

    Dr. Mohamad Fazli Sabri is the Head Department (Senior Lecture) at the Department of Resource Management and Consumer Studies, Faculty of Human Ecology, University Putra Malaysia. He was graduated with Bachelor of Science (Consumer Science) from University Putra Malaysia and holds a Doctorate in the field of Consumer Finance from Iowa State University, USA. He is actively engaged in research in the field of consumer finance, consumer and financial education from childhood through to the elderly. He has been involved in more than 30 researches and is the lead researcher in more than 15 researches. The research is published in books, proceedings, and local and international journals (50 articles in journals) such as Malaysian Journal of Consumers and Family Economics, Malaysian Journal of Consumer, Journal of Malaysian Families Study, Malaysian Journal of Social Policy and Society, Consumer Interest Annual, Family and Consumer Sciences Research Journal, and International Journal of Consumer Studies. He has presented papers at national and international level. Moreover, he also participated as a speaker and trainer, and related consumer financial education. He is also the one of the executive council Consumer and Family Economics Association Malaysia (MACFEA) for the session 2012-2014. Currently he is doing consulting work with the Bank Negara Malaysia, Credit Counselling and Debt Management (AKPK) and Allianz Malaysia Berhad governing consumer financial education programs. Among books that has been published is "Financial Planning Students ", "Money: Why Should Managed ", Child Wise Intelligent Money: A Guide to Sharpening Child Money Skills As simple as ABCD ", " Sister Enhanced Smart Money : Financial Skills Training to Sharpening Child Children as easy as ABCD " and " 10 Good Practices Money With Daniel and Dynas". He is also the supervisor of graduate students (Masters and Doctorate). In addition, he is also a member (board members) in research and education committee, Malaysian Financial Planning Council. Currently, he is Editor- in-Chief of the Journal of Wealth Management & Financial Planning and engaged in "research working group committee" in Child & Youth Finance International. He has just launched a product innovation for financial education called " Money Smart Kit: Enhanced Money Smart Kids”.

References

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Published

2014-06-20

Issue

Vol. 4 No. 6 (2014): June

Section

Article

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