BSP Circular 1160: Regulations on Financial Consumer Protection (RA 11765 IRR)

Summary

BSP Circular No. 1160, Series of 2023, promulgates the Implementing Rules and Regulations of RA 11765 for BSP-supervised financial institutions (BSFIs). It operationalizes consumer rights to equitable treatment, transparency, fair-dealing, financial education, complaint handling, and data privacy. It requires BSFIs to maintain a Financial Consumer Protection Assistance Mechanism with stated turnaround times — acknowledgment within two (2) business days and resolution of straightforward complaints within seven (7) business days from receipt — and embeds escalation pathways to BSP's Consumer Assistance Mechanism.