Piñera Presents Agenda to Fight Collusion and Market Abuses
13 diciembre 2019

On December 9, President Piñera presented his agenda for ‘fair and dignified treatment’ which aims to combat collusion and market abuses, and improve protection for workers and customers.  

The initiative plans to increase the penalties, including prison sentences for collusion-related crimes when the goods involved are primary need products, such as food or medicine. Along these lines, the penalties and fines for tax offences, insider trading and the disclosure of false information will also be increased, with the aim of preventing abuses and ensuring equal information and opportunities in the financial markets.

On the other hand, the agenda also aims to guarantee the better protection of consumer rights. A digital platform hosted by the National Consumer Service (SERNAC) will allow consumers to end contracts they do not want to keep in the same way they acquired them. It will also seek to establish, in a simple and transparent manner, the terms and conditions of electronic commerce, prohibiting abuses and charging commissions without any effective benefits.

Expanding on the issue of consumer defense, Piñera said they will try to establish financial portability to allow all credit card debtors, or those with consumer or mortgage loans, to choose the financial institution that offers them the best conditions, interests and commissions, thus avoiding the kinds of abuses that occur with captive customers.

Finally, the president gave assurances that they will move towards a new pension system and health reform. On the latter, Piñera said that a new universal health plan will be created for all Chileans as well as a financing mechanism that includes Catastrophic Health Insurance.