SBS seeks that financial entities do not charge customers for making payments on their own channels

The Superintendency of Banking, Insurance and AFP (SBS) published a draft rule to amend the financial system market conduct management regulations, fees and expenses, Credit and debit cards, and information security management and cybersecurity. These changes would occur to reform the protection of users, in a business, operational and technological transformation environment.

So, The proposal would oblige financial system entities to make their own channels available to users so that credit payments and prepayments can be made, without requiring an additional cost to the client; as well as enabling the channels used in the contracting and/or disbursement of the loan for prepaid operations. In addition, those insurances that are different from the deduction and the one that protects the asset given as guarantee must be optional and independent of the credit agreement.

The SBS project also seeks to eliminate the commission for judicial and/or administrative withholding from the list of established commission concepts, in view of the current operation of the products and/or services offered to users by companies and the impact of the Use of new technologies.

Finally, clarifications are being made to the definition of the operations of “micropayment“In addition, financial institutions would be required to notify their users when operations are carried out charged to their accounts (savings or electronic money) or lines of credit, even when said operation does not require reinforced authentication.

It is important to mention that the general public, as well as the companies supervised by the SBS, may issue their comments on the draft resolution on the institutional portal of the Superintendency of Banking, Insurance and AFP until July 12.