BSP Issues Rules On Consumer Assistance And Mediation/Adjudication Of Cases

On March 24, 2023, the Bangko Sentral ng Pilipinas ("BSP") issued Circular No. 1169 providing for the Rules of Procedure for the Consumer Assistance Mechanism, Mediation and Adjudication of Cases in the BSP.

The Rules shall apply to all compaints filed after May 1, 2023 (the date on which the Rules became effective), provided that the cause or causes of action subject of the complaint accrued after June 3, 2022 (the date on which the Financial Products and Services Consumer Protection Act [the "FCPA"] took effect).

• CONSUMER ASSISTANCE MECHANISM:

1. What are the recourse mechanisms for financial consumers?
The first-level recourse mechanism for financial consumers who are dissatisfied with a financial product or service is the BSP-Supervised Institution's ("BSI") Financial Consumer Protection Assistance Mechanism ("FCPAM"). The second-level recourse mechanism for financial consumers who have reported their concerns to the BSI involved, through the