FINEX backs passage of proposed financial consumer protection law

A PROPOSED LAW to protect financial consumers has received the backing of the Financial Executives Institute of the Philippines (FINEX).

FINEX said in a statement Sunday that Congress needs to pass the legislation to “strengthen the Philippine financial ecosystem for the long-term good of our country” and protect consumers as financial products and services grow more complex.

The proposed Financial Consumer Protection Act is expected to protect consumers, who are adopting more digital services during the pandemic.

It also authorizes financial regulators such as the Bangko Sentral ng Pilipinas, Securities and Exchange Commission, and Insurance Commission to draft and oversee the implementation of consumer protection rules.

The legislation passed on third reading in the House of Representatives in June 2020 and is at committee-level deliberations in the Senate. — Bianca Angelica D. Añago