BSP hails passage of Financial Consumer Protection Act

The Bangko Sentral ng Pilipinas (BSP) commends President Rodrigo Roa Duterte and the Philippine Congress for the enactment of the Financial Products and Services Consumer Protection Act (FCPA), which was signed by the President on 06 May 2022.

The FCPA is expected to further strengthen public trust and confidence in the financial system.

The FCPA empowers financial regulators to take necessary steps against financial service providers from performing acts that are disadvantageous to consumer welfare. The measure also provides consumers with a redress mechanism, while ensuring equitable treatment, transparency and data privacy.

“The FCPA, as one of the legislative priorities of the BSP, is geared toward the effective regulation of the financial industry by strengthening the role of financial regulators in consumer protection,” said BSP Governor Benjamin E. Diokno

The FCPA covers all financial products and services offered by any financial service provider, including those accessed and delivered through digital channels.

The new law institutionalizes consumer protection, enables adjudication of complaints, promotes transparent and reasonable pricing, authorizes financial regulators to carry out enforcement actions, and fosters fair treatment of consumers while protecting their data.

FCPA also has penal provisions for violations of the Act.