OPINION | RA 11765: The Financial Products and Services Consumer Protection Act By Paolo O. Hernandez READ:
Amicus Curiaehe COVID-19 pandemic has brought forth the unprecedented expansion of digital financial systems. At the height of the pandemic, quarantine measures were at their strictest. The average Filipino could not help but rely on delivery services booked online and, more often than not, likewise paid online.
It is against this backdrop that Congress eventually enacted Republic Act No. 11765 , or the Financial Products and Services Consumer Protection Act, in order to protect the average financial product and service consumer from these unscrupulous practices and to provide victims thereof a convenient means to seek redress.The law seeks to reinforce the confidence of financial products and service consumers in the financial system by strengthening the regulatory powers of financial regulators.
• Enforcement — Financial regulators are given a host of enforcement powers under the law, such as 1.) authority to restrict a financial provider’s collection of excessive or unreasonable interests, fees, or charges; 2.) disqualification and/or suspension of corporate officers; 3.) imposition of fines and penalties; 4.) issuance of a cease-and-desist order without the need of prior hearing to restrain acts amounting to fraud or in violation of the law; 5.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Financial advisor: Having helped clients a bonus for simple, but not easy, job - BusinessMirrorPRIDE is a deadly sin for some. For Kimberly Anne Zandueta, it’s how she feels with her job as financial advisor of the Manufacturers Life Insurance Co. (Manulife). Zandueta said that pride comes from knowing she can help people understand the importance of financial security. A financial advisor helps breadwinners establish financial stability by teaching
Read more »
Arthaland’s Savya Financial Center one with the government in revitalizing MSME sectorSavya Financial Center, was recently unveiled with His Excellency President Ferdinand R. Marcos Jr. leading the ribbon-cutting ceremony. During his keynote speech, the President said this new financial hub is a welcome space for small and medium local--
Read more »
Mayor Sandoval, Sen. Marcos distribute financial aid to 1,000 Malabon residentsMalabon City Mayor Jeannie Sandoval and Senator Imee Marcos led the distribution of financial aid to 1,000 residents “in crisis situation” at the Oreta Sports Complex on Thursday, Nov. 10.
Read more »
Deal: realme announces up to 75 percent off select products during 11.11 Shopee sale!
Read more »
Converge plans to go slow on capex - BusinessMirrorConverge ICT Solutions Inc. expects its capital expenditures (capex) guidance for 2023 to be “trending downward” given its massive portfolio of unused capacities. During the announcement of its financial results for January to September, Converge Chief Financial Advisor Matthias Vukovich said Converge currently has 5 million inactive ports in its network, which means that the
Read more »
Selling of firecrackers in Cebu City is not yet allowed — policeCEBU CITY, Philippines — Selling of firecrackers in Cebu City is still prohibited until the local government unit will give the order to allow the selling these products in Cebu City.Police
Read more »