The various financial topics I have tackled in this column have elicited many e-mailed inquiries from readers, some of which are complaints against financial institutions.
For the information of all, the Bangko Sentral ng Pilipinas, which recognizes the rights of consumers of financial products and services, has a consumer assistance program very much in place.
Headed by Acting Deputy Director Belinda Caraan, the Financial Consumer Affairs Group, or FCAG, is responsible not only for conducting advocacy initiatives aimed at educating and supporting the interest of the public on financial literacy issues. It also assists consumers in the resolution of complaints or disputes with BSP-supervised financial institutions.
Of course, the institution concerned is in the best position to resolve complaints or grievances. But if one is not satisfied with the action taken, the consumer may contact FCAG.
FCAG may be contacted at the following address:
Financial Consumer Affairs Group, Central Supervisory Support Subsector, Supervision and Examination Sector, Bangko Sentral ng Pilipinas, 5th floor Multi-Storey Building, BSP Complex, A. Mabini St., Malate, 1004 Manila; trunk line: (632) 524-7011 with extension nos. 2584; direct line: (632) 523-3631; e-mail address: consumeraffairs@bsp.gov.ph
Just a reminder, the FCAG will be able to assist you better if you provide the following: A typed or legibly printed complaint letter; your mobile or telephone numbers where you can be reached during the day; details of the issues being raised; the resolution you are requesting; a duly received copy of the letter complaint sent to the financial institution and their reply, if any; and copies of supporting letter or other documents that would substantiate or prove your claim.
The FCAG will contact you by telephone or in writing for additional information, if necessary.
They will also send the financial institution a copy of your letter with a request that management look into your concern and to directly communicate with you in writing, copy furnished FCAG.
If you are not satisfied with the institution's reply or actions, you should immediately inform FCAG.
There are, however, instances where the FCAG can not assist consumers such as disputes over bank policies and procedures which do not violate banking laws or BSP regulations; cases which are currently pending with any court or quasi-judicial body; and matters involving institutions not supervised by the BSP, such as lending investors, finance companies, and insurance companies.
In the last instance, complaints outside the FCAG's jurisdiction are referred to the appropriate government agency such as the SEC and the Office of Insurance Commissioner.
