Revised Cross-Selling Framework

June 27, 2013BSP CIRCULAR NO. 801-13SUBJECT : Revised Cross-Selling FrameworkThe Monetary Board, in its Resolution Nos. 849 and 907 dated 23 and 30 May 2013, respectively, approved the amendments to Section 1172 of the Manual of Regulations for Banks (MORB). The previous Section 1172 of the MORB is replaced by Section X172 of the MORB which contains the revised "Cross-selling Framework". SECTION 1. The new regulation on cross-selling shall be applicable to all bank classifications.1. Section 1172.1 (2008-1631) of the MORB on Statement of Principles is re-numbered as Section X172 of the MORB and amended to read as follows:Section X172. Statement of Principles. — The Bangko Sentral ng Pilipinas (BSP) recognizes that bank premises may serve as the point for the presentation and distribution of a range of financial products. However, this distribution mechanism can give an understanding that these financial products are directly supported by the bank and thus could lead to an impression that the bank ultimately bears the risks inherent to these financial products. As such, appropriate disclosures and relevant controls are...