FCPD brings together engaged financial stakeholders in a responsive environment that protects the interests of consumers and nurtures a sense of responsibility for both the service provider and the consumer in the context of promoting financial stability.
FCPD empowers a financial consumer by:
- Creating an enabling environment and defining safety nets where consumer rights are recognized and protected;
- Enforcing consumer protection regulations and standards of conduct by BSP-Supervised Financial Institutions (BSFIs) through an assessment of compliance with Financial Consumer Protection Framework (FCPF) in order to achieve a culture of fair dealings and responsible business practices embedded in a BSFI’s operations;
- Delivering a well-rounded financial education program with the long-term goal of creating behavioral change to our targeted constituencies for the improvement of their financial well-being; and
- Institutionalizing redress mechanism where consumers have avenues for effective and efficient redress when they feel they are unjustly treated.
The FCPD is mandated to ensure protection of financial consumer’s rights and facilitate
the development and enforcement of a client-focused and banking industry by:
- Leading the formulation of policies, regulations and standards for the financial sector that will promote and advance the cause of consumer rights and fair conduct of business;
- Strengthening the supervised financial institutions’ (FIs) adherence to the prescribed standards of conduct and consumer protection laws, rules and regulations using various supervisory tools;
- Providing a venue for the public to seek redress for grievances against BSP supervised financial institutions for products offered or services renderred; and
- Empowering the public to make informed decisions through personal financial education.
FCPD Core Functions
- Consumer Assistance
We provide an effective redress mechanism to financial consumers who feel have been aggrieved by a BSFI’s conduct, products and services. Our complaints handlng process involves several layers of intervention which are sequential in nature with the intent to escalate the process and promptly arrive at a mutually acceptable income. Nonetheless, we take cognizance that some complaints handling process involves several layers of intervention which are sequential in nature with the intent to escalate the process and promptly arrive at a mutually acceptable outcome. Nonetheless, we take cognizance that some complaints do not reach a position that is mutually acceptable to all parties and this will require legal intervention at the proper forum. Our complaints handling process likewise form the basis for regulatory and supervisory action and policy initiatives that will promote protection of financial consumers and BSFIs’ compliance with consumer protection laws and regulations.
Direct Line: 708-7087
Email Address: email@example.com
BSP’s Consumer Assistance Mechanism
- Financial Education
As a proactive element of consumer protection, we seek to enhance consumer welfare through financial education. We develop and deliver financial learning programs that are meant to empower individuals in the financial market and allow them to better manage their personal finances. Said empowerment goes beyond financial consumers merely knowing their rights and responsibilities and understanding financial products and services. Instead, empowerment should be evident ultimately in informed financial decisions that translate to improved financial well-being.
We initiate the adoption/ modification of policies on emerging financial consumer issues, which is aligned with prevailing globally-accepted consumer protection regulations and best practices. We conduct research and studies on evolving local and global financial market trends that may cause new risks to financial consumers. We likewise serve as the voice of the financial consumers in the legislative branch of the government by way of drafting of position papers relative to the proposed bills and legislative initiatives. We issue advisories that will alert financial consumers on relevant and prevailing financial issues.
Market Conduct Regulation
With the implementation of the Financial Consumer Protection Framework, we institutionalize a Market Conduct Regulation approach towards Consumer Protection. Market Conduct Regulation comprises both on-site and off-site assessment of the compliance by BSFIs with financial consumer laws and regulations. As we conduct our on-site reviews, we will make an assessment of the BSFI’s ability to detect, prevent, and correct practices that present a significant risk of violating the law and causing consumer harm. Off-site surveillance of market conduct is also a financial consumer protection supervisory tool to identify and monitor emerging financial consumer protection issues on an individual BSFI basis or on an industry-wide basis. Techniques employed range from media monitoring, monitoring of the BSFI’s websites, special consultations with industry associations and mystery shopping.