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BSP logs 40K complaints relating to financial consumer protection; only 5% come from Mindanao

SINCE the effectivity of the Financial Consumer Protection Act (Republic Act 11765) in June 2022, the Bangko Sentral ng Pilipinas (BSP) has logged more than 40,000 complaints from customers of different BSP-supervised financial institutions from all over the Philippines. Of this number, only around 5 percent come from Mindanao, implying the Mindanaoans' unawareness of the law.

Davao cityRochelled tomasBangko sentralRegional officeMarket conduct officeFinancial consumer protection actRepublic actMedia information sessionMindanao regional officeQuirino avenueConsumer assistance mechanismFinancial consumer protection

HK-tied ELS sellers may face full compensation claims for losses

With losses from equity-linked securities tied to a Hong Kong index expected to reach almost 6 trillion won ($4.57 billion) this year, South Korean financial regulators announced Monday that sellers may face full compensation for the loss. The announcement follows the Financial Supervisory Service's inspection of local banks and brokerages that sold large amounts of ELS products tied to the troubled Hang Seng Ch.

Hong kongSouth koreaSouth koreanLee bok hyunHang seng china enterprises indexFinancial supervisory serviceHang seng china enterprisesFinancial consumer protection act

BSP to strengthen consumer protection

BSP to strengthen consumer protection
philstar.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from philstar.com Daily Mail and Mail on Sunday newspapers.

Elmore capuleBangko sentralConsumer complaints resolution officeBank secrecy lawLegal servicesDevelopment advisory councilCharina de vera yapAnti financial account scamming actRepublic actFinancial consumer protection actComplaints resolution officeGeneral counsel

Digital scammers running amok

Digital scammers running amok
tribune.net.ph - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from tribune.net.ph Daily Mail and Mail on Sunday newspapers.

Metro manilaPhilippines generalBangko sentralCybercrime groupCrime commissionDepartment of justicePresidential anti organized crimeAsia scam reportFinancial consumer protection actDaily tribune

Korean banks at risk of W3tr in losses in HK-tied ELS sales

Concerns are looming large over the loss of principles in equity-linked securities products underlying Hong Kong’s slumping benchmark index with over 8 trillion won ($6.1 billion) in ELS products sold by Korean banks set to mature in the first half of next year. The size of ELS products tracking the Hang Seng China Enterprises Index maturing next year and sold by Korea’s five major banks exceeds 13 trilli.

South koreaHong kongHang seng china enterprises indexKorea financial supervisory serviceNonghyup bankHana bankWoori bankShinhan bankKb kookmin bankKookmin bankFinancial supervisoryMirae asset securitiesFinancial consumer protection actClime asset managementThe korea heraldOrean news