BSP Issues Implementing Regulations Of Financial Consumer Protection Act

On 28 November 2022, Bangko Sentral ng Pilipinas (the Philippine Central Bank or "BSP") issued Circular No. 1160, series of 2022 (link here) and adopted the Amended Regulations and Guidelines on Financial Consumer Protection ("FCP") Framework to implement Republic Act No. 11765 (the Financial Products and Services Consumer Protection Act or "FPSCPA" – link to Official Gazette version is here). The approval of the FP Guidelines carries with it the amendment of the relevant provisions of the Manual of Regulations for Banks (MORB) and Manual of Regulations for Non-Bank Financial Institutions (MORNBFI). Some of the more relevant points of the FPSCPA and FCP Framework are discussed below.