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Consumer Financial Products and Services Act IRR is now in effect.
Following the publication of the Financial Products and Services Consumer Protection Act (FCPA)’s implementing rules and regulations (IRR), consumers of financial products and services are better protected.
This comes after the Securities and Exchange Commission (SEC) en banc approved the IRR during its meeting on April 25. The IRR will go into effect 15 days after it is published in the Official Gazette or at least two significant daily newspapers.
The memorandum states that the IRR “shall apply to all financial products and services, and financial services providers”, with the latter group including, among others, securities issuers, securities brokers, dealers, and salesmen, investment houses, and businesses offering similar services, financing, and lending companies, and microfinance-non governmental organizations (MF-NGOs).
Emilio Aquino, the chairperson of the SEC, stated in a statement on Monday that “true to the objectives of the FCPA, the IRR advances financial consumers’ right to equitable and fair treatment, to disclosure and transparency in the marketing of financial products and services, to the protection of consumer assets against fraud and misuse, to data privacy and protection, and to timely handling and redress of complaints from consumers.”
He said, “In turn, the IRR strengthens the commission’s mandate and unwavering commitment to protecting financial consumers and instilling in financial service providers the values of fairness, transparency, accountability, and ethics.”
According to the commission, the IRR and the FCPA ” reinforce the powers of the SEC to exercise authority over issuers of securities in tokenized or digital forms.”
According to the report, the IRR also increased the number of enforcement actions the commission is permitted to take, including the issue of writs of execution, attachment, levy, and garnishment to stop financial service providers from charging excessive fees or unreasonable interest fees or charges.
The regulations also allowed the commission to offer consumer complaint-handling procedures like conciliation and mediation and the authority to decide on legal claims arising from civil financial transactions.
“The commission’s decision in the adjudication shall be final and executory and may not be restrained or set aside by the courts except upon petition for certiorari on the ground of grave abuse of discretion, or lack or excess of the jurisdiction of the Commission,” it said.
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