NBFIRA sees better compliance as fines drop 30% :: Mmegi Online

The Non-Bank Financial Institutions Regulatory Authority (NBFIRA) saw improved compliance from the sectors it regulates last year, with the amounts of penalties it dished out dropping by nearly a third to P2.8 million.

NBFIRA regulates the activities of the insurance sector, non-bank lenders such as pawn brokers, capital market players such as the stock exchange, pension funds and asset managers, as well as virtual asset services such as cryptocurrencies. As at March 2024, the regulated entities numbered 867, a year-on-year growth of about six percent, whilst their combined assets were P161 billion, representing a growth of nearly seven percent year on year.

According to NBFIRA’s 2023–2024 annual report released on Tuesday, the value of fines handed down by the regulator across the industries in the year to March 2024, declined to P2.8 million from P3.9 million in 2022. This was despite a marginal increase in enforcement actions, which increased from 88 to 89 over the period.

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