Bangko Sentral ng Pilipinas / FILE PHOTO
MANILA, Philippines – The Bangko Sentral ng Pilipinas (BSP) is planning a management framework that would rate banks on consumer protection and subject institutions posing greater risks to closer regulatory review.
The central bank is seeking industry comments on a draft order adopting the Financial Consumer Protection Risk-and-Impact Supervisory Model. The framework would assess financial institutions based on their potential to harm consumers and the strength of their consumer protection practices.
It defines consumer harm as any actual, potential financial or nonfinancial harm, including financial loss, unfair treatment, unjustifiable exclusion and poor value for money.
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