Creation of BSP Supervised Banks Complaints Panel

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BSP MEMORANDUM: Creation of BSP Supervised Banks Complaints Panel

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Title Source: Supreme Court: Creation of BSP Supervised Banks Complaints Panel

Law: Bsp Memorandum

Decision Date: Mar 6, 2006

The Bangko Sentral ng Pilipinas establishes the Supervised Banks Complaints Evaluation Group-Public Assistance Panel to mediate disputes between BSP-supervised institutions and their clients, facilitating resolution while excluding cases involving violations of banking laws.

Law Summary

Purpose and Function of the Panel

Designed to facilitate the resolution of disputes between BSP-supervised institutions (including directors, trustees, and officers) and their clients from the public.
Focuses on complaints arising directly from client dealings with BSP-supervised institutions.

Jurisdictional Limits

The Panel does not have jurisdiction over violations of banking laws, rules, and regulations.
Cases involving such violations are subject to investigation and prosecution under BSP Circular No. 477, Series of 2005 (Rules of Procedure on Administrative Cases Involving Directors and Officers of Banks, Quasi-Banks and Trust Entities).

Procedures in Handling Complaints

The Panel requires the parties involved to appear for a mediation conference.
Promotes the exploration of mutually acceptable agreements to amicably resolve disputes.

Reporting and Cooperation

The Panel is mandated to submit reports to BSP Management regarding its activities and case outcomes.
Banks and other BSP-supervised institutions are mandated to extend full cooperation to the Panel to ensure effective dispute resolution.

Implementation

The memorandum effectuating the creation of the Panel took immediate effect upon issuance on March 6, 2006.
Signed by Nestor A. Espenilla, Jr., Deputy Governor of the BSP.

END