BSP’s Diokno says financial consumer complaints were worth P2B in past two years

Billions of pesos worth of complaints from consumers regarding financial products and services were recorded in the past two years, Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno revealed.

In citing his case for the passage of the proposed Financial Consumer Protection Act, Diokno cited the difficulties for consumers in recovering their money from erring institutions.

“Based on BSP data, the declared amount in consumer complaints from 2019 to 2022 reached two billion pesos,” he said in a post on his official Twitter account.

Based on BSP data, the declared amount in consumer complaints from 2019-2021 reached two billion pesos.

More often than not, financial consumers have to go through a long and winding process with unsatisfactory endings in order to reclaim their hard-earned money.

— Benjamin Diokno (@GovBenDiokno) January 17, 2022

“More often than not, financial consumers have to go through a long and winding process with unsatisfactory endings in order to reclaim their hard-earned money,” he added.

Diokno on Monday made his case to the Philippine Senate for the immediate passage of the FCP, which he said would protect consumers making everyday financial transactions, and give more teeth to local regulators.

The proposed measure covers all financial products and services, establishes protection standards for consumers, and pushes transparent and responsible pricing. It also mandates the respectful treatment of privacy and client data protection.

Should it be passed into law, regulators will also be able to hold hearings on consumer complaints, and implement restrictions on unreasonable interests, fees, or charges.

“The FCP will empower financial regulators to punish erring institutions, from revoking licenses to imposing sanctions in order to enforce responsible business conduct,” Diokno said.

“More importantly, FCP provides consumers with a faster avenue for redress by granting financial regulators the adjudicatory authority to carry out hearings on consumer complaints, reducing the need to go to court for recourse,” he added.—AOL, GMA News