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Module 6 Consumer Protection

This document discusses key principles of financial consumer protection in the Philippines: 1) Disclosure and transparency require financial institutions to provide clear information about products and services, while consumers ensure they understand these offerings. 2) Protection of client information means financial institutions keep consumer data private, only using it with consent, while consumers allow limited use of personal details. 3) Fair treatment means financial institutions serve all consumers with dignity and respect, while consumers have rights regardless of socioeconomic status. 4) Effective recourse establishes accessible complaint processes so financial institutions address consumer issues, while consumers know their options for resolution.

Uploaded by

Juan Frivaldo
Copyright
© © All Rights Reserved
Available Formats
Download as PDF, TXT or read online on Scribd
105 views

Module 6 Consumer Protection

This document discusses key principles of financial consumer protection in the Philippines: 1) Disclosure and transparency require financial institutions to provide clear information about products and services, while consumers ensure they understand these offerings. 2) Protection of client information means financial institutions keep consumer data private, only using it with consent, while consumers allow limited use of personal details. 3) Fair treatment means financial institutions serve all consumers with dignity and respect, while consumers have rights regardless of socioeconomic status. 4) Effective recourse establishes accessible complaint processes so financial institutions address consumer issues, while consumers know their options for resolution.

Uploaded by

Juan Frivaldo
Copyright
© © All Rights Reserved
Available Formats
Download as PDF, TXT or read online on Scribd
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FINANCIAL

CONSUMER
PROTECTION
Chatbox Activity
At the start of the COVID-19 pandemic, which do you think
is the most common concern reported by consumers to
the BSP?
a. Bank loans (interest charges, mandatory grace period
under Bayanihan Act)
b. Credit cards (fees and charges)
c. Remittances and money transfers (crediting and
receipt of funds)
d. All of the above
e. None of the above
Financial Consumer Protection Principles

Disclosure and Protection of


Transparency Client Information

Effective Recourse Fair Treatment

Source: BSP Circular No. 857, as amended by Circular No. 1048 dated 09 June
Disclosure and Transparency
BSFIs* provide transparent information
and adequate disclosures about the
features, fees, benefits and risks of their
financial products and services

Consumers ensure that they have


reasonable, holistic understanding of
the financial products and services
they are availing

*BSP Supervised Financial Institututions


Protection of Client Information
BSFIs ensure that information about
consumers’ account, financial
transaction, and personal details are
kept confidential and securely stored

Consumers provide informed


consent for BSFIs to use their
personal information only for
purposes of account handling and
related financial transactions
Fair Treatment
BSFIs ensure that consumers are
treated fairly, honestly, and
professionally at all stages of their
banking or financial relationship

Consumers, regardless of their socio-


economic status, have the right to be
treated with dignity and respect by
BSFIs
Effective Recourse
BSFIs provide accessible, affordable,
independent, fair, accountable, timely
and efficient means for resolving
concerns or complaints of consumers

Consumers ensure that they know


where to seek resolution and redress
in case of concerns, complaints or
abusive practices of BSFIs
If you have
concerns with
BSFIs…

Chat with BOB


Or use traditional complaints channels

Call, email or write your bank or


financial institution immediately

Put your complaint in clear writing

Document your actions and the


institution’s responses
If complaint is unresolved,

Some cases may


Elevate your complaint to BSP will require
be referred to
BSP at your financial
other regulators,
institution to
consumeraffairs@bsp.gov.ph recommended for
+632-8708-7087 act on your
mediation,
complaint
or court resolution
Chatbox Activity
When I have an issue with my bank, I should first
contact:

a. My bank’s customer hotline immediately

b. The Bangko Sentral ng Pilipinas to lodge a complaint

c. The National Bureau of Investigation

d. I don’t know
11
Financial institutions under
BSP supervision
Money Service
Thrift Banks Rural Banks
Commercial Banks Businesses

Pawnshops E-Money Issuers


Cooperative Banks
Foreign Exchange
Dealers Virtual Currency
Non-Banks with Remittance Non-Stock Savings
Agents Exchanges
Quasi-Banking and Loans
Functions Associations
Non-Bank
Financial
Institutions

12
Financial institutions
covered by other regulators

• Lending Companies
Manufacturers • Finance Companies
of Consumer • Investment Houses
Savings and Credit Goods • Securities Brokers
Cooperatives • Insurance Companies
• Corporations
• Pre-Need Companies
• NGOs, Foundations
• Mutual Benefit
Associations
• Cooperative Insurance
Societies
13
Scan the QR code
above for the link or
check the bit.ly link
below:
https://bit.ly/3q32e1F
Chatbox Activity
Consumer protection is the responsibility of the:

a. Consumer or investor
b. Financial institutions and investment
companies
c. Government authorities
d. All of the above
e. None of the above
15
Consumer
protection is a
shared
responsibility

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