Boost consumer trust in insurance, Diokno tells regulator

Finance Secretary Benjamin Diokno has called on the Insurance Commission (IC) to come out already with the implementing rules for the Financial Products and Services Consumer Protection Act (FCPA) of 2022 in order to help improve consumer trust in financial products and encourage the public to invest in financial protection.

Signed into law in May 2022, the FCPA is intended to put in place mechanisms that protect the interest of consumers of financial products and services.

“I expect the officials of the Insurance Commission to continue exploring new initiatives to properly perform its mandate which is to protect the financial consumers of the insurance, pre-need and HMO industries,” Diokno said.

The Finance chief was a keynote speaker during the IC’s 74th anniversary celebration on Feb. 17. Diokno said issuance by the IC of the implementing rules of the FCPA will help increase the consuming public’s trust in the insurance, pre-need and health maintenance organization industries by equipping all relevant government institutions and financial regulators with the legal authority to enforce prudent, responsible and customer-centric standards. INQ