One notable law signed by President Rodrigo R. Duterte early this month is Republic Act No. 11765, otherwise known as the Financial Products and Services Consumer Protection Act (FCPA), which gave three financial regulators the power to speed up addressing consumers’ complaints against financial service providers. The law gives the Bangko Sentral ng Pilipinas (BSP), the Securities and Exchange Commission, the Insurance Commission, and to some extent, the Cooperative Development Authority, the power to exercise rule-making, conduct surveillance and examination, market monitoring, as well as enforcement and adjudication powers in line with their consumer protection mandates. According to BSP Governor Benjamin E. Diokno, the FCPA, as one of the legislative priorities of the BSP, “is geared toward an effective regulation of the financial industry by strengthening the role of financial regulators in banking, securities, markets and insurance.” Under FCPA, the financial regulators, such as the BSP and the SEC, will have the power to issue cease-and-desist orders without the need for prior hearing in unfair collection practices deemed as threats or harassment against a financial consumer. The FCPA will also allow regulators to go after financial service providers that are responsible for credit card fraud in online shopping. These violators will face sanctions, fines, suspension, or penalties. This law strengthens the rights of Filipino consumers to equitable and fair treatment, disclosure and transparency of financial products and services, protection of consumer assets against fraud and misuse, data privacy and protection, and the timely handling and redress of complaints. Under the law, regulators can restrict the collection of excessive or unreasonable fees by service providers. It is to be noted that in 2021, the BSP processed some ₱540-million worth of financial consumers’ complaints via its Consumer Assistance Management System (CAMS). Including the pre-COVID 2019 period and when the pandemic was declared in 2020, the BSP has received and processed about ₱2 billion-worth of consumer complaints in the last three years. For both the pandemic years of 2020 and 2021 only, CAMS processed 42,456 complaints that have been forwarded to the BSP against its supervised financial institutions or BSFIs. These are customer complaints against banks, non-banks, e-money issuers, operators of payment system, among others. We hope that with FCPA, financial institutions and related service providers will be more sympathetic to the concerns of their consumers who are, after all, their markets and/or major stakeholders.