Home Scam/Fraud Solon sees big hammer coming down on online lending, investment scammers –...

Solon sees big hammer coming down on online lending, investment scammers – Manila Bulletin

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Albay 2nd district Rep. Joey Salceda believes that a bigger crackdown on online lending and investment scams is coming sooner than later, thanks to President Duterte’s expected signing of the Financial Consumer Protection (FCP) Act.

(Maxim Ilyahov/ Unsplash)

β€œI am told by sources in the Palace that the President is very likely to sign it this week. In any case, it lapses into law on May 7,” Salceda, who is the principal author of the law, said.

The Financial Consumer Protection (FCP) Act will vest financial regulators with the powers of rule-making, surveillance and inspection, market monitoring, enforcement, and adjudication powers over financial products.

β€œOnce enacted, the FCP Act means more powers to authorities, jail time and steeper fines for fraudsters, as well as clearer laws and regulations on investments, lending, and other financial products,” the Bicolano said.

The law also expands the subpoena powers of the…

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