The BSP has taken a proactive stance in embarking on a consumer education program that aims to improve the basic financial literacy of the public. In line with this program, the BSP approved in January 2004 the creation of the BSP Consumer Education Committee. The Committee initially addressed the basic financial literacy needs of consumers of financial products and services. This involved familiarizing the public on the various banking products and services that they usually encounter in ordinary financial transactions.
Moreover, the BSP promoted consumer rights awareness and protection through its linkage with an inter-agency group, ConsumerNet. ConsumerNet is a group of national government agencies that have banded together to facilitate the resolution of consumer complaints and disseminate information regarding consumer rights.
The Financial Consumer Affairs Group. Governor Amando M. Tetangco Jr. issued Officer Order No. 892 on 15 October 2006 that created the Financial Consumer Affairs Group (FCAG) of the Supervision and Examination Sector (SES) to support the SES in ensuring the protection of depositors and investors and enabling the smooth and orderly functioning of the entire financial system.
Consumer Assistance Mechanism. The BSP recognizes the rights of consumers of financial products and services. The Financial Consumer Affairs Group (FCAG) may be enlisted to assist in the resolution of your concerns within our mandate.
Handbook on Consumer Laws Covering BSP-Supervised Financial Institutions - contains BSP circulars, relevant sections of the Manuals of Regulations for Banks and Non-Bank Financial Insitutions, and other relevant laws on consumer protection and welfare |
