Banking Superintendency Amends Regulation on Protection and Defense of Consumer Rights
28 mayo 2020
ECUADOR

On May 28, the Banking Superintendency issued Resolution SB-2020-0540 amending Chapter III of the Regulations to Control Public and Private Financial Sector Entities, which refers to the protection and defense of consumer rights in these sectors. The idea is to ensure that financial services meet the basic principles of the Basel Committee for Effective Banking Supervision. The regulation has already entered into force.

The regulation also seeks to make it easier for financial consumers to exercise their rights, and implements a range of measures to improve legal security in their relations with financial institutions.

The entities involved must protect consumer data to maintain the confidentiality of the personal information received. In turn, consumers can demand that their banking entity protects and respects non-public data, which may only be used for specific purposes with prior written authorization. 

Financial institutions must also carry out a careful evaluation before concluding a contract, including an analysis of their customer’s general indebtedness, and whether their payment ability will permit them to comply with all the credit obligations assumed when contracting a product. Banks must also provide customers in advance with specific communications, sufficient to permit a correct appreciation of any modifications to terms, interest rates, expenses and other conditions enshrined in the contract.

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