On May 7, 2024 representatives from various cooperatives in the Region attended the orientation via Zoom and via FB Live of the RA 11765 also known as the Financial Products and Services Consumer Protection Act (FCPA), an act affording more protection to consumers of financial products and services shall be adopted by registered cooperatives, regulated and/or supervised by the Authority who offer or market financial products and/or services excluding insurance cooperatives and cooperative banks.
Ms. Jo Ann Gamboa, Chief – IED of CSF Service discussed Section 6(a) and Section 18 of the Republic Act, as also provided in the CDA Memorandum Circular No. 2023-14. She stressed the following duties and responsibilities of the CDA Regulated Entities (CDAREs), to wit;
1. Equitable and Fair Treatment;
2. Protection of Consumer Assets against Fraud and Misuse;
3. Disclosure and Transparency of Financial Products and Services;
4. Timely Handling and Redress of Complaints; and
5. Data Privacy and Protection.
Participants were also informed as to the proper handling of complaints, as delivered by the Deputy Administrator, Atty. Malou Pacau. It was also cited that even non-member cooperatives can file complaints however, they can only file a case for seeking a refund in the regular court. The Orientation ended with an open forum, which gave more clarity to the topic.
