Financial regulators take action to improve consumer education and end scams
The Philippines has made significant progress in creating a unified supervisory system with the ultimate goal of protecting consumers and tackling the proliferation of investor scams in the future, according to the head of the interagency group of regulators.
In a statement, Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno, who also chairs the Financial Sector Forum (FSF), said progress had been made by working committees in the areas of supervision of the financial sector. financial sector, financial technology and consumer protection and financial education. .
The FSF is a group made up of the BSP, the Securities and Exchange Commission, the Insurance Commission and the Philippine Deposit Insurance Corporation. [FSF] are committed to implementing financial sector reforms to promote effective and transparent supervision across the financial sector, ”Diokno said.
“We will use our cooperation agreement to align standards and expectations and ensure we continue to adopt an environment conducive to inclusive recovery and economic growth,” he added.
Following the publication of the Financial System Stability Assessment prepared by the International Monetary Fund, the FSF took note of the interagency recommendations of the multilateral institution aimed at promoting effective supervision in the financial sector.
These recommendations cover the gaps in the legal power of financial sector supervisors related to bank secrecy laws and conglomerate supervision, which were also previously cited in the joint IMF-World Bank assessment of BSP compliance with standards. Basel Core Principles for Effective Banking Supervision.
The results of the assessment will feed into the development of a strategic roadmap for the financial sector.
FSF member agencies also discussed the main activities that will be undertaken under the signed Memorandum of Understanding on the establishment of a cooperative monitoring framework on fintech innovation.
In particular, existing regulations will be reviewed in order to harmonize basic components and controls in the areas of customer integration and consumer protection across the financial sector.
During last week’s meeting, existing FSF initiatives to strengthen information exchange between agencies were also discussed, bearing in mind that this is essential for strengthening risk oversight activities in the financial sector.
In addition, member agencies are committed to continuing the work of the FSF on conducting financial learning programs and producing related materials for various market segments.
With this in mind, the FSF, in collaboration with the Higher Education Commission, the National Authority for the Economy and Development and the Philam Foundation are designing a general elective course module that will cover basic concepts on financial management. , banking, insurance, securities and digital finance. equip students with practical skills to make prudent financial decisions.
– Daxim L. Lucas INQ
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