Republic Acts1 min read
Section 19Sec./Art. 19
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Financial Consumer Protection Mechanism. -The FISTC shall set up an appropriate financial consumer protection mechanism taking into consideration the provisions of existing laws, rules and regulations for the protection of borrowers:Provided, however,That the rights of borrowers under existing laws shall not be impaired nor diminished.
Financial consumer protection mechanism shall include standards of conduct on disclosure and transparency, conflicts of interest, protection of client information, fair treatment in terms of affordability and suitability of product or service, prevention of over-indebtedness, cooling-off period, and objectivity, effective recourse and exhaustion of all remedies, among others.
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