The House of Representatives has passed on second reading a bill proposing to further protect the rights of financial consumers and safeguard them from investment fraud and other unfair practices.
House Bill No. 6768, or the Financial Products and Services Consumer Protection Act, is expected to be passed on third and final reading before Congress adjourns session next week.
The Bangko Sentral ng Pilipinas, Securities and Exchange Commission, and Insurance Commission have been designated in the bill as financial regulators. Hernandez said the bill provides for “additional duties for financial service providers” which include ensuring transparency, reasonable pricing, non-discrimination based on unreasonable criteria, and privacy protection.
The bill prohibits contractual stipulations on waiver of rights to sue, receive information, to seek recourse for complaints, to enforce data privacy, or cancel a contract without incurring unreasonable penalty.
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