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Manila Bulletin devider Business devider Banking & Finance devider BSP to amend consolidated complaints report

BSP to amend consolidated complaints report

Published Jun 3, 2024 07:42 am

The Bangko Sentral ng Pilipinas (BSP) is set to revise the quarterly BSP supervised institutions’ consolidated complaints report (BCCR) to migrate it to the application programming interface (API) starting on the quarter ending March 31, 2024.

In a draft memo, the guidelines for the quarterly submission of the BCCR will be amended using extensible mark-up language (XML) format through the API. The BSP has been shifting all its electronic submission to this format since 2023.

The quarterly BCCR is part of the BSP requirement to implement Republic Act No. 11765 or the “Financial Products and Services Consumer Protection Act” or FCPA.

Based on the memo, the BSP wants to begin the live BCCR submission in the first quarter and the second quarter this year using the revised BCCR Data Entry Template or DET.

The submission of the revised BCCR will be done in phases with banks as the first phase; followed by non-bank e-money issuers’ and the third phase will be all other BSP surpervised institutions.

The FCPA has given the BSP more teeth to go after erring banks and non-banks.

It was early last year that the BSP adopted Circular No. 1169 or the “Rules of Procedure for the Consumer Assistance Mechanism, Mediation and Adjudication of Cases in the Bangko Sentral ng Pilipinas” which took effect on May 1, 2023.

Basically, the FCPA gives BSP the power to resolve disputes involving an amount not more than P10 million. The circular has fasttracked resolution of complaints to within 30 days, including the reply and rejoinder once elevated to the BSP.

If it escalates to mediation and adjudication, the mediation proceedings will be conducted virtually or through online video conferencing using the BSP-prescribed platform. Complainants who prefer in-person or face-to-face mediation, can make a request to the mediator.

Mediation, as defined in the circular, is an intervention by which the BSP, through its duly authorized mediation officers, facilitates communication and negotiation between the parties, and assists them in reaching a mutually acceptable settlement. lt is voluntary in nature and a strictly confidential process.

The significance of the pro-consumer law, besides BSP improving its complaints handling mechanism, is that its consumer redress includes central bank’s capability to adjudicate or pronounce judgement in connection with “purely civil in nature” financial transactions. With this power, the BSP can order the reimbursement of a sum of money not exceeding P10 million.  

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