The Act grants regulators with authority to determine the reasonableness of fees and charges; suspend erring employees; revoke licenses of erring financial institutions; and impose sanctions to ensure compliance with the intent of its provisions. 8. Most importantly, the Act provides financial consumers with new, immediate, and efficient avenues for redress by granting financial regulators with adjudicatory authority to conduct hearings on consumer complaints.
This proposed measure provides alternate, less cumbersome, legal recourse for financial consumers. Consumer complaints can be escalated and resolved at the level of the financial regulators, ensuring quick resolutions, hence de-clogging court dockets. Existing courts may then focus on more pressing matters. 9. The passage of the FCP Act is not only a matter of necessity, it is an issue of urgency.