BSP issues rules of procedure on handling of financial consumer complaints

The Bangko Sentral ng Pilipinas (BSP) issued Circular No. 1169 dated 24 March 2023 providing for the Rules of Procedure for the Consumer Assistance Mechanism (CAM), Mediation and Adjudication of Cases in the BSP to implement Section 6 (E) and (F) of Republic Act No. 11765 or the Financial Products and Services Consumer Protection Act (FCPA) in line with its broader efforts to promote the welfare of financial consumers.

The FCPA is a priority legislative measure of the BSP in the 18^th Congress. It was enacted to address the State’s policy to ensure that appropriate mechanisms are in place to protect the interest of consumers of financial products and services by providing, among others, effective handling of financial consumer disputes.

The Circular embodies the Rules of Procedure that will govern the handling of complaints filed with the BSP by financial consumers against BSP-Supervised Institutions (BSIs).

The Rules of Procedure provides several remedies that may be availed of by the financial consumers (i.e., BSP’s CAM, mediation, and adjudication) in seeking BSIs immediate resolution of their complaints.  The Rules of Procedure provides, among others, the definition, scope, nature, and requirements of the BSP CAM, mediation and adjudication.

“The issuance of the rules of procedure is expected to further strengthen the BSP’s authority to promote the well-being of Filipino financial consumers,” said BSP Governor Felipe M. Medalla.

The Rules of Procedure shall take effect on 1 May 2023.  It shall apply to all financial consumer complaints filed with the BSP on its effectivity date provided that the cause or causes of action subject of the complaint accrued after FCPA’s effectivity on 3 June 2022.

To read the Circular, visit: https://www.bsp.gov.ph/SitePages/Regulations/RegulationDisp.aspx?ItemId=4857