By Aidila Razak
As far as reality TV shows are concerned, World’s Worst Mom is up there in the ranks of shows that give viewers the warm fuzzies.
An episode typically starts with an introduction on an over-controlling mother who likes her kids tightly bound by her apron strings.
Viewers then get to know the children. The host—a therapist of sorts—will have a session with the children to list out all the control freak mother’s house rules. And then, next to it, she will ask the children to make their own house rules.
By the end of the show, the mother looks like she has swallowed the mother-of-all chill pills, while the family has found a middle ground. They now have a new set of house rules, one which both mum and kids can agree to.
In the household called Malaysia, the anal mother, so to speak, appears to be the government.
Despite the prime minister’s claim that the “era of government knows best is over”, when it comes to rules and regulations, the government knows better.
At least this is the impression given when one looks at legislation passed by Parliament in 2012. Mid-last year, an amendment to the Evidence Act saw the Bar Council lead lawyers on a march. Section 114A, they said, was put through without stakeholder consultation. The same cry was heard over the Peaceful Assembly Act 2012.
The latest to leave stakeholders scratching their heads, are the Islamic Financial Services Act 2012 (IFSA) and Financial Services Act 2012 (FSA).
According to industry players, the industry was not consulted over the two Acts, which replaces all the Acts governing the financial and insurance sectors, prior to its tabling in Parliament.
In fact, it is believed that were only “engaged” on the Acts in February, months after it was passed. That, too, in briefings which essentially says this are the new rules, comply or get hit with fines going up to millions of ringgit.
This seems puzzling, considering the fact that the Acts are not merely an amalgamation of the old legislations.
For starters, critics are crying murder over Section 92 of the FSA, which opens the gates for a potential RM19.2 billion sell down in the banking sector. On the insurance side, the owners of Tune Insurance and Lonpac Insurance seem to be given five years to comply to the 10 percent maximum permissible holdings limit. Is this compulsory acquisition in a different name?
The FSA’s licensing requirements also forces insurance companies to separate their business according to segments—a move analysts say will raise costs and likely see smaller companies exit some segments.
Beyond that, it also extends regulator tenterhooks to the holding companies, allowing imposition of prudential standards and spot checks. These Acts are not without significant ramifications.
To be fair, greater controls on capital adequacy and provisions for controls do provide consumers with greater protection and safeguards the economy from systemic risks. So, too goes the argument against ownership concentrated in the hands of a few.
The legislations have their merits, but dropping the bomb on the industry after it has been passed in Parliament will not win the legislation many supporters.
Back to reality TV, an episode of World’s Worst Mom usually ends with smiling mother and children in an embrace.
Certainly no one expects government officials to cradle stakeholders to their bosoms, but after a year of street rallies and protestations over poorly-consulted legislation, maybe there is a lesson to be learnt from reality television.
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