Creation of BSP Supervised Banks Complaints Panel

The memorandum created the Supervised Banks Complaints Evaluation Group–Public Assistance Panel (the Panel).
The Panel consists of lawyers from the Supervised Banks Complaints Evaluation Group.
The Panel includes lawyers from the Office of the General Counsel and Legal Services, BSP.
The Panel is assisted by bank officers from the Supervision and Examination Sector (SES).
The Panel is constituted to address complaints involving BSP-supervised institutions and their clients.

The Panel helps resolve disputes between BSP-supervised institutions and/or their directors/trustees/officers and clients from the public.
The Panel takes cognizance of complaints arising from clients’ dealings with BSP-supervised institutions.
The Panel’s function is to facilitate resolution of client-related disputes involving BSP-supervised institutions.

The Panel has no jurisdiction over cases involving violation of banking laws, rules and regulations.
Violations of banking laws, rules, and regulations must be investigated and prosecuted under BSP Circular No. 477, series of 2005.
BSP Circular No. 477, series of 2005 governs administrative cases involving directors and officers of banks, quasi-banks, and trust entities.
Such administrative cases are subject to Rules of Procedure on Administrative Cases Involving Directors and Officers of Banks, Quasi-Banks and Trust Entities.

In performing its functions, the Panel requires the parties to appear before it for a mediation conference.
The Panel explores the possibility of reaching a mutually acceptable agreement between the parties.
The mediation process is used to resolve disputes within the Panel’s cognizance.

The Panel must render reports to BSP Management.
Panel reports are part of the mechanism for BSP oversight of supervised banks complaints resolution.

BSP-supervised institutions are enjoined to extend cooperation to the Panel.
Cooperation supports the Panel’s mediation conference and dispute-resolution functions.
The obligation is directed to banks and other BSP-supervised institutions.