Consumers of financial products and services will soon get extra protection as the Bangko Sentral ng Pilipinas issued on Nov. 28 the implementing rules for the Financial Products and Services Consumer Protection Act, which was enacted last May. /PDI
The circular requires BSIs, for example, to establish a “Consumer Protection Risk Management System” for further safeguarding of client welfare.
Also, BSIs are mandated to adhere to the Standards of Disclosure and Transparency to ensure that accurate information about its products and services are provided; Fair Treatment to guard against discriminatory practices; Protection of Client Data in view of the Data Privacy Act; and Effective Recourse for handling clients’ complaints.
Further, BSIs are directed to practice responsible pricing of its products and services; provide cooling-off periods which allow BSI clients to consider costs and risks of financial products and services without pressure; and set up a 24/7 channel for reporting of fraud or misuse. The circular also emphasizes that BSIs are liable for violations of the FCPA by its personnel, third-party agents and service providers. Sanctions for BSIs include fines, penalties, cease and desist orders and administrative cases against its officers.
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