The Bangko Sentral ng Pilipinas (BSP) is set to expand the scope of cross-selling activities for banks to include a wider range of products from within their financial conglomerates.
Currently under review by banks, the proposed amendments to the BSP’s regulations have a December 4 deadline for feedback.
The revised rules aim to streamline the cross-selling of various financial products, including credit cards, home mortgages, and personal loans as well as deposits and debit cards, and life insurance policies.
The BSP has clarified that only products offered by affiliated entities within the same financial group can be cross-sold.
Banks will also need to establish robust policies to ensure product suitability for customers and to address any complaints related to cross-selling.
This move, nearly a decade after the last major overhaul in 2015, is expected to stimulate the financial market by increasing access to various financial products while prioritizing consumer protection.
