Since financial institutions are expected to have more and better information than saverscum-retail-investors, FIs must be given a specific responsibility towards consumer protection. The BSP’s consumer protection framework supports this policy objective. The framework requires BSP-supervised institutions to adhere to identified global best practices such as disclosure and transparency, treatment of clients, protection of client information and dispute settlement.
Where there are bottlenecks, board members and management present here are requested to make investments in training and some Management Information Systems possibly. I may not be very wrong to submit that the size of the bottom line is not the only performance target in the long run.