The new section 33C(3) to the principal Act explicitly states that the mandate of the regulatory authority is to promote the best interests of users of financial services in a way that is consistent with the orderly and proper functioning of financial markets and with the orderly and prudent supervision of providers of those services. Therefore, the regulatory authority and its consumer director will have a strong consumer mandate which will encompass the following: monitoring the provision of financial services to consumers and monitoring the extent to which competition exists among providers of financial services in so far as it affects consumers of those services; increasing public awareness of the availability, costs, risks and benefits of financial services; issuing and enforcing codes of conduct, regulations, directions, etc., to financial services providers with regard to the conditions under which they provide services to customers – namely, advertising, information to customers, terms of contracts, cooling off periods etc.; control and monitoring of customer charges, other than interest rates, imposed by credit institutions and bureaux de change; licensing of moneylenders, including approval of the interest rates charged; compensation arrangements in respect of financial services providers who cannot meet their obligations to customers; and promoting, in general, the best interests of users of financial services. In addition, a second Bill will provide for an ombudsman to deal with consumer complaints against financial institutions and a consultative panel for consumers of financial services