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Philippines SEC tightens financial consumer protection

The Securities and Exchange Commission (SEC) in the Philippines has introduced new rules to better protect consumer assets from fraud, covering all financial products, services, and providers under its jurisdiction. The Implementing Rules and Regulations (IRR) of Republic Act 11765 or the Financial Products and Services Consumer Protection Act (FCPA) promote fair treatment, transparency, and protection against fraud and misuse. The IRR also ensures data privacy protection and timely complaint handling. Financial service providers must integrate a Consumer Protection Risk Management System into their risk management processes, and violators may face imprisonment, fines, or both. Additionally, a cooling-off period of no less than three days will be required; and the use of abusive collection or debt recovery practices is prohibited.


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