A BANGKO Sentral ng Pilipinas (BSP) official revealed that discussions about inter-regulator coordination mechanisms are ongoing to implement a “No Wrong Door” policy for financial transaction issues.
During the Media Information Session on Financial Consumer Protection Act last March 21, BSP-Consumer Protection and Market Conduct Office director Rochelle Tomas said the passage of the Financial Products and Services Consumer Protection Act (FCPA) pushed them to implement a new mechanism.
“We do have some ongoing discussions with these entities on how to make sure that we have a clear coordinating mechanism [so that] at some point in the near future we would have a ‘no wrong door’ policy [so you can raise your complaints] anywhere and then [it will be endorsed more formally to the] institutions that are involved in a certain complaint,” Tomas said.
Republic Act No. 11765 or the Financial Products and Services Consumer Protection Act (FCPA) took effect on June 3, 2022, and was enacted to provide appropriate mechanisms to protect the interest of the consumers of financial products and/or services.
“Discussions are ongoing about those inter-regulator coordination mechanisms for such disputes that cut across all our jurisdictions,” Tomas added.
However, Tomas reminded the public that although BSP is willing to take any concerns involving financial institutions, people still should follow the proper procedure.
In case of complaints involving BSP-Supervised Financial Institutions (BSFI), aggrieved consumers should first report to the concerned BSFI through its Financial Consumer Protection Assistance Mechanism (FCPAM).
If the concern is unresolved under FCPAM, consumers can escalate it to the BSP through the Consumer Assistance Mechanism (CAM), then proceed to mediation or adjudication by the agency if there is still no resolution between parties.
BSFIs include banks, non-stock savings and loan associations, pawnshops, money changers, remittance agents, e-money issuers, and money service businesses, among others, that are under BSP supervision.
“There is a certain procedure that we have to follow to ensure fairness in the system,” Tomas said.
