NextGen Day

MANILA – Under a new law approved by President Rodrigo R. Duterte, financial consumers will be better protected from cybercrime.

The “Financial Products and Services Consumer Protection Act,” signed by Duterte on May 6, recognizes that the government must take steps to protect consumers’ rights, including the right to equitable and fair treatment, disclosure and transparency of financial products and services, protection of consumer assets against fraud and misuse, data privacy and protection, and timely handling and redress of complaints.

“It is the policy of the state to ensure that appropriate mechanisms are in place to protect the interests of financial product and service consumers under the conditions of transparency, fairness, sound market conduct, and fair, reasonable, and effective handling of financial consumer disputes,” the law stated.

These methods increase their trust in the financial market and help to keep the Philippine financial system stable.

Financial regulators have the jurisdiction under RA 11765 to create their own norms and rules of business behavior for financial organizations.

“Financial regulators may also decide whether the interest, charges, or fees that a financial service provider may demand, collect, or receive for any service or product given to a financial consumer are reasonable. They may also adopt their own rules of procedure for administrative actions resulting from the application of this act “the new legislation stated.

The law also empowers financial regulators to take enforcement proceedings against their supervised financial service providers who fail to comply with the act and other laws relevant to their jurisdiction and authority.

They will also have the power to decide on repayment of lost cash up to a specified amount.

Financial regulators must create the required rules and regulations to implement the requirements of RA 11765 within one year of its effective date, according to the law.

On February 2, 2022, the Senate passed Senate Bill No. 2488, and the House of Representatives adopted it as an amendment to House Bill No. 6768.

Financial consumers are individuals or entities who are purchasers, lessees, recipients, prospective purchasers, lessees, or beneficiaries of financial products or services, or their properly appointed agents.

The Bangko Sentral ng Pilipinas (BSP), the Securities and Exchange Commission (SEC), the Insurance Commission (IC), and the Cooperative Development Authority are all financial regulators (CDA).

Save/Share this story with QR CODE

---

Disclaimer

This article is for informational purposes only and does not constitute endorsement of any specific technologies or methodologies and financial advice or endorsement of any specific products or services.

📩 Need to get in touch?

📩 Feel free to Contact NextGenDay.com for comments, suggestions, reviews, or anything else.

---

We appreciate your reading. 😊Simple Ways To Say Thanks & Support Us:
1.) ❤️GIVE A TIP. Send a small donation thru Paypal😊❤️
Your DONATION will be used to fund and maintain NEXTGENDAY.com
Subscribers in the Philippines can make donations to mobile number 0917 906 3081, thru GCash.
3.) 🛒 BUY or SIGN UP to our AFFILIATE PARTNERS.
4.) 👍 Give this news article a THUMBS UP, and Leave a Comment (at Least Five Words).

---

AFFILIATE PARTNERS

World Class Nutritional Supplements - Buy Highest Quality Products, Purest Most Healthy Ingredients, Direct to your Door! Up to 90% OFF.
Join LiveGood Today - A company created to satisfy the world's most demanding leaders and entrepreneurs, with the best compensation plan today.

---