Republic Act No. 11765: An Act Affording More Protection To Consumers Of Financial Products And Services

May 30, 2022

Financial Products and Services Consumer Protection Act
On May 06, 2022, Republic Act (RA) No. 11765, or the Financial Products and Services Consumer Protection Act, was signed into law. It aims to provide more protection to consumers of financial products and services against abusive and fraudulent practices by strengthening the powers of financial regulators, laying down the duties and responsibilities of financial service providers, and providing financial consumers with additional rights and remedies. The law applies to financial products such as deposit, credit, insurance, pre-need and health maintenance organization (HMO) products, securities, investments, payments, remittances, and other similar products and services, including digital financial products.

The full text of this briefing can be accessed via this link.