Bilyonaryo - Money

BSP orders banks, financial firms: Set up 24/7 fraud hotline

November 29, 2022

Bilyonaryo.com

All banks and financial institutions offering deposits and investments are now required to maintain a 24/7 fraud reporting system as part of a new consumer protection law.

The Bangko Sentral ng Pilipinas (BSP) announced that this has been made mandatory by Republic Act No. 11765 or the Financial Products and Services Consumer Protection Act signed by former President Rodrigo Duterte in May 2022.

A circular issued by BSP details the additional duties on the part of all BSP-supervised firms offering deposits, investments, fund transfers, trust products, loans, payments, remittances, and other financial instruments to the public.

According to the central bank, the round-the-clock channel should accept all kinds of reports of fraud and misuse.

The same rules require firms to set up a “Consumer Protection Risk Management System” that provides for client data protection, responsible pricing, and cooling-off periods for newly-acquired investment products.

Related News Tags: Bangko Sentral ng Pilipinas, Financial Products and Services Consumer Protection Act, Republic Act No. 11765, Rodrigo Dutert

VUL budol? BDO insurance client shocked by deductions from fully paid policy

A man who paid P150,000 for an insurance policy offered by the Sy-blings’ BDO Unibank is exasperated by the deductions that continue to be billed to him after a decade.

Large investors salvage Adani’s $2.5 billion share sale after stock rout

Adani Group’s ambitious share sale exceeded its subscription targets Tuesday in a relief for the Indian conglomerate, which is reeling from allegations of “brazen” corporate fraud that wiped more than $65 billion off its value.

Gold demand highest in over decade: industry data

Gold demand struck its highest level since 2011 last year, boosted by soaring purchases from central banks and other investors seeking shelter from rocketing inflation, industry data showed Tuesday.

GM profits rise after record quarter in North America

General Motors rode a strong performance in North America to higher fourth-quarter profits and said Tuesday that an easing in logistics problems has helped brighten its outlook for 2023.

After turbulent year, UBS upbeat with eye on Asia

Swiss banking giant UBS voiced optimism for 2023 on Tuesday, hoping that higher interest rates and a swelling business in Asia would boost its results following a turbulent 2022.

VUL budol? BDO insurance client shocked by deductions from fully paid policy

Large investors salvage Adani’s $2.5 billion share sale after stock rout

Gold demand highest in over decade: industry data

GM profits rise after record quarter in North America

After turbulent year, UBS upbeat with eye on Asia

A US corporate scourge deflates the empire of Indian tycoon Adani

IMF lifts 2023 growth forecast with boost from China reopening

$70B down the drain: Adani empire tumbles again with stock sale hanging in the balance

UBS quarterly net profit jumps 23% to nearly $1.7B

Recommended from

→ Abogado
Fashion-forward Liza Marcos joins crowd at TernoCon 2023

→ Abogado
LTO chief Jayart Tugade pilots e-ticketing for traffic violators

→ Politiko
Philippines to boost durian output after China deal

→ Politiko
Rex Gatchalian appointed DSWD chief

→ Bankero
BPI increases RISE bond issue four-fold

Usapang Bilyonaryo by Ces Drilon

“Usapang Bilyonaryo” is a digital-first, hybrid magazine show hosted and produced by veteran broadcast journalist Ces Oreña-Drilon in cooperation with the Bilyonaryo.com team. The 30-minute TV cut airs on CNN Philippines at 8 PM every Monday, starting January 16. The full version or producer’s cut of each episode, as well as interview splices, will be posted on Bilyonaryo.com’s Youtube and Facebook accounts.