BSP Eyes Consumer Protection Law

Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno called for the immediate passage of the Financial Consumer Protection Act (FCPA) which he said will provide “an armor of protection to all financial consumers.”

Photo Insert: The proposed measure, financial regulators will have adjudicatory authority to conduct hearings on consumer complaints.

During a recent Senate deliberation, the Governor explained before the Committee on Banks, Financial Institutions, and Currencies that the FCPA will authorize financial regulators like the BSP to enforce prudent, responsible, and customer-centric standards of business conduct.

Under the proposed measure, financial regulators will have adjudicatory authority to conduct hearings on consumer complaints, reducing the need to go through the legal system.

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