SBS modifies regulations for entities in the financial sector

The Superintendency of Banking, Insurance and AFP (SBS), through SBS resolution No. 03240-2023 published this Tuesday, October 3 in the Diario El Peruano, reported on the modification of several measures in the financial sector, in order to strengthen the protection of users.

Among the modifications made is the update of the Market Conduct Management Regulations of the Financial System (SBS Resolution No. 3274-2017), the Commissions and Expenses Regulations (SBS Resolution No. 3748-2021), the Credit and Debit Cards (SBS Resolution No. 6523-2013), the Regulations for the Management of Information Security and Cybersecurity (SBS Resolution No. 504-2021) and the Regulations for the Management of Claims and Requirements (Resolution SBS No.4036-2022).

In this way, the following notes have been incorporated for Behavior Management:

• Companies that grant credits are obliged to offer users their own channels to make payments and prepayments of credits, without incurring additional costs for the user.
• The same channels used for installment or card payments must be enabled for prepaid operations.
• Insurance other than lien insurance and insurance that protects the asset pledged as collateral must be optional and independent of the credit contract.

Modifications to the Credit Card regulations:

• Companies are required to notify users about carrying out operations with their savings accounts, electronic money or lines of credit, even when the operation has not required strong authentication.

Modifications to the Claims and Requirements regulations:

• Companies must maintain claims and complaints in separate records and reports, according to their nature.
• The elimination of the commission for judicial and/or administrative retention from the list of commission concepts established in the Regulation of Commissions and Expenses has been established.