Section 2Sec./Art. 2

Declaration of Policy. -It is the policy of the State to ensure that appropriate mechanisms are in place to protect the interest of the consumers of financial products and services under the conditions of transparency, fair and sound market conduct, and fair, reasonable, and effective handling of financial consumer disputes, which are aligned with global best practices. These mechanisms reinforce their confidence in the financial market and foster the stability of the Philippine financial system. Towards this end, the State shall implement measures to protect the following rights of financial consumers:

(a) Right to equitable and fair treatment;

(b) Right to disclosure and transparency of financial products and services;

(c) Right to protection of consumer assets against fraud and misuse;

(d) Right to data privacy and protection; and

(e) Right to timely handling and redress of complaints.