PIDM aims to enhance public awareness

Perbadanan Insurans Deposit Malaysia (PIDM) aims to increase the level of public awareness about its activities.

It hopes to see a 4% increase to 57% in awareness, among the younger population aged 15 years and above, from the current 53% in 2013 by the year-end.

PIDM Executive General Manager Rafiz Azuan Abdullah said the target was set under the PIDM 2014 - 2016 Corporate Plan, with the main population segment being those 15 years old and above.

He said by 2016, the awareness was targeted to increase to 65%.

"More initiatives will be put in place as part of our awareness campaign to instill a higher quality and depth of knowledge about PIDM's role and the protection systems it administers.

"Our approach is to have a fully integrated advertising and public relations initiative," he said recently.

Rafiz said the agency's latest initiative, the PIDM MoneySmart 123 Campaign, was the extension of efforts to educate the public, empower financial consumers and cultivate a more financially-literate society.

PIDM is a government agency established in 2005 to administer the national deposit insurance system aimed at protecting depositors against the loss of their insured deposits placed with banks in the unlikely event of a bank failure.

Beginning December 2010, PIDM's mandate has been expanded by Parliament to administer the Takaful and Insurance Benefits Protection System, or known as TIPS, to protect policy owners against the loss of their eligible takaful or insurance benefits in the unlikely event a takaful or insurance company fails.

Since its inception, no member bank or insurance company has failed.

He said Malaysians' perceptions of "I don't need the proctection right now" and "Our banking system is stable" were among the challenges currently faced by PIDM in communicating about the benefits and coverage of its financial protection systems.

"Bank failures can happen and they have happened even in foreign developed countries like the United States and the United Kingdom. So it is important for the banks to be covered with such a system.

"At least you don't have to worry as you are protected," he added. – Bernama, July 29, 2014.