The draft rules posted on the Bangko Sentral ng Pilipinas’ website are in accordance with Republic Act No. 11765 or the Financial Products and Services Consumer Protection Act , which strengthens the rights of consumers to equitable and fair treatment and the timely handling and redress of complaints.
According to the draft, a BSP-supervised financial institution’s Financial Consumer Protection Assistance Mechanism will be the first-level recourse mechanism for consumers who are not satisfied with a financial product or service. The central bank said complaints filed with the BSP must contain information and supporting documents showing the complainant has previously availed the BSFI’s FCPAM.
The BSP-CAM will be terminated if the involved BSFI does not answer the complaint within the specified period, if the complainant withdraws their concern, if there is a voluntary agreement between the complainant and the BSFI to proceed to mediation, or if the complainant remains dissatisfied with the BSFI’s response and requests for mediation and/or adjudication.
If the mediation is successful, the parties involved will sign a settlement agreement, which is final and executory. On the other hand, adjudication will cover financial consumer complaints related to transactions that are purely civil in nature with claims for reimbursement not exceeding P10 million. Concerns must have gone through the BSP-CAM before adjudication.
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