Philippine Central Bank Issues Draft IRR for Financial Consumer Protection Law
The Bangko Sentral ng Pilipinas (BSP) is currently in the process of refining the proposed Implementing Rules and Regulations of Republic Act No. 11765, otherwise known as the “Financial Products and Services Consumer Protection Act of 2022”.
The IRR seeks to provide guidance and structure to key stakeholders that will both implement and benefit from the recently-enacted statute.
RA 11765 was among the final acts enacted under the Duterte administration. The law seeks to put in place a stringent regulatory framework for financial service providers and “investment providers” by giving regulators more muscle to run after the errant players.
The BSP is in talks with the financial industry in ironing out the details found in the IRR.
The full draft of the IRR of RA 11765 can be accessed here.