Amendments to the Bangko Sentral ng Pilipinas’ (BSP) consumer protection rules take effect today, focusing on an individual’s right to “cooling off” or canceling investment contracts without penalty.

The central bank on Friday issued an advisory regarding the “cooling-off” right, which it described as “one of the key requirements of the new BSP Financial Consumer Protection Regulation that seeks to empower clients by giving them the opportunity to reconsider their long-term investment decisions.”

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