House approves bill to protect financial consumers I

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oi fin*.iul .o*tl^- the ative offering services sibilities of financial pro- communications with fi-
The bill mandate's
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TllEHouseofRepresen- sound malket conduct Exchange Commission plementation by insur. oversightofaCompliance undeDtood by theif tai-
tatives hae approved on and just, reasonable, and (SEC), and lnsurance ancecooperatives shall be Management System getclimts,
third and final reading a effective handling of fi- Commission (IC) to en- overseen by the IC. (CMS) which shall pro- In addition, the bill
measurethatseekstoen- nancial consum6r dis- forcetheprovisionsofthe Financiil regulators videthemeansbywhicha states that findncial pro-
sure protection of finan- putes tlut arealignedwith measure-on all financial shall alsobe giveii the au- financial proviiler may vidersshallestabl.ishasin-
cial consumers, global best practices. entities they supervise oi thoritytoimposeenlorce- identify, measwe, moni- gle consumer assistance
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With 164 affirmative " The b l heclares that regulate. ' ' /
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mentictioni on their re- tor,andionholcoirsumer ;nittoasEistfiirancialcon-

votes, House Bill9054 or themechanismswillrein- The Cooperative De- spective supervised fi- protection risks inherent sumer on financial trans-
the Financial Consurner. force confidence in the fi- velopment' Auth6rity n'ancial entiiies for non- 'in its operations. actions concems for ftee.
Protection Act authored nancialmarketandfoster (CDA) shall oversde tlie compliancewiththemea- Financial providers Thisshallincludehandling
by Leyte Rep. Henry Ong stabilityinthePhitippine implementation of the sure: shall also ad<ipt disclo- of complaints, inqtririesi
aims to protect the inter- financial system. measwetfuoughcooper- Thedutiesandrespon- sure p nciples in their and requests.