In a collaborative effort to enhance awareness and understanding of the Financial Services Consumer Protection Act (R.A. 11765), MLQU School of Law, in partnership with the Banko Sentral ng Pilipinas (BSP) and the Department of Trade and Industry (DTI) organized a seminar titled “Briefing on the Financial Services Consumer Protection Act.” The event, held on October 2, aimed to shed light on the newly enacted statute and its significance in the dynamic landscape of today’s cashless transactions.
Atty. Galahad Pe Benito, Director of the Continuing Legal Education Program (CLEP) commenced the seminar by providing attendees with a concise background on R.A. 1165. He emphasized the importance of understanding and adapting to the evolving financial landscape, where cashless transactions have become the norm. Atty. Pe Benito highlighted the role of the Financial Services Consumer Protection Act in safeguarding the rights and interests of consumers in this fast-paced environment.
The highlight of the event was the comprehensive discussion led by Atty. Don Natividad, Jr., the representative from BSP. Atty. Natividad delved into the salient features of R.A. 11765 and its implementing rules, particularly focusing on BSP Circular No. 1160 (series of 2022) and Circular No. 1169 (series of 2023).
BSP Circular No. 1160 addresses the general standards for Financial Consumer Protection (FCP) and outlines the expectations from BSP Supervised Institutions. This portion of the seminar provided insights into the measures that financial institutions need to adopt to ensure the protection of consumers in their day-to-day operations.
On the other hand, BSP Circular No. 1169 is procedural in nature, delineating the complaints handling process of the BSP. This segment of the discussion elucidated the mechanisms in place for addressing grievances and ensuring a fair and transparent process for resolving consumer complaints against financial institutions.
The event attracted a diverse audience, with participation not limited to MLQU School of Law Students. Undergraduate students and representatives from DTI also attended the seminar, underscoring the broad interest and relevance of the Financial Services Consumer Protection Act across various sectors.
The seminar proved to be an enriching experience, fostering a deeper understanding of the regulatory framework designed to protect consumers in the realm of financial services. The collaboration between MLQU School of Law, BSP, and DTI exemplifies the commitment to education, awareness, and collaboration in ensuring a robust and consumer-friendly financial landscape in the Philippines. As the financial landscape continues to evolve, events like these play a crucial role in equipping individuals with the knowledge and understanding needed to navigate the complexities of the modern financial world.