Published July 19, 2021, 2:46 PM
Some 16 local and foreign business groups have strongly urged for the immediate enactment of the proposed Financial Consumer Protection (FCP) Act, which seeks to protect consumers amidst the growing complexity in financial services, especially digital services.
In a statement the business group said that the intricate development of financial products and services resulting from advancements in technology has opened countless opportunities for financial markets and consumers alike. It also poses new risks, particularly to financial consumers.
“Reality has shown how financial products, including financial services accessed through digital channels, are susceptible to fraud or used for fraudulent purposes,” according to a statement.
The country’s largest business groups have called for a review on two provisions – reciprocity clause and investments by foreign- state owned enterprises under the proposed Senate Bill 2094, which seeks to open the public services sector of the domestic economy to majority foreign equity ownersh
Industry, business groups push for easing of Bank Secrecy Law bworldonline.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bworldonline.com Daily Mail and Mail on Sunday newspapers.
Banks and businesses have renewed calls for Congress to pass the bill amending Republic Act No. 1405 or the Secrecy of Bank Deposits for a more relaxed version of the law to allow the Bangko Sentral ng Pilipinas (BSP) to look into and investigate the bank accounts of suspicious individuals, especial