The implementation of the Financial Consumer Protection Act (FCPA) will improve and strengthen the public — especially financial consumers’ — trust and confidence in the financial sector, according to BSP Governor Benjamin E. Diokno.
The implementation of the Financial Consumer Protection Act will improve and strengthen the public — especially financial consumers’ — trust and confidence in the financial sector, according to Bangko Sentral ng Pilipinas Governor Benjamin E. Diokno.
Diokno reiterated that the FCPA will empower financial regulators such as the BSP, Securities and Exchange Commission, Insurance Commission and the Cooperative Development Authority to effectively exercise “rulemaking, market conduct surveillance and examination, market monitoring, as well as enforcement and adjudication powers in line with their consumer protection mandates.”
The FCPA covers all financial products and services offered by any financial service provider, including those accessed and delivered through digital channels.
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