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Consumer Protection and Financial Regulation in Peru

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Digital Signatures and Electronic Contracts

In Peru, digital signatures can be rescinded if they contain false information or have been modified. The Civil Code recognizes the legal value of electronic contracts, including those conducted through branchless banking channels.

Key Points:

  • Digital signatures can be rescinded if they contain false information or have been modified.
  • Electronic contracts are recognized by the Civil Code as having legal value.

Customer Care Units and Complaint Handling

Financial institutions in Peru must establish a customer care unit to handle complaints and questions from customers. These units must be headed by a designated customer care officer who is responsible for regulatory compliance and reporting. Institutions are required to post statistics about complaints on their websites in a standardized format.

Key Points:

  • Financial institutions must establish a customer care unit.
  • Customer care units must be headed by a designated customer care officer.
  • Complaint statistics must be posted on the institution’s website in a standardized format.

Supervision and Sanctioning Powers

The Superintendency of Banking Supervision (SBS) and the National Institute for the Defense of Competition and Protection of Intellectual Property (Indecopi) have supervisory and sanctioning powers. There is a good degree of coordination between SBS and Indecopi, with well-defined roles and responsibilities.

Key Points:

  • SBS and Indecopi have supervisory and sanctioning powers.
  • There is a high level of coordination between the two institutions.

SBS’s Organizational Structure for Consumer Protection

SBS has established a specialized unit to deal with consumer protection issues. This unit is headed by a team of supervisors who are responsible for implementing regulations on price disclosure and redress mechanisms.

Key Points:

  • SBS has a dedicated unit for consumer protection.
  • The unit is headed by a team of supervisors.

SBS’s Actions to Promote Transparency and Fairness

SBS uses a mix of preventive and corrective actions to reduce the incidence of consumer disputes. These actions include monitoring news, analyzing complaint statistics, creating a risk-matrix (Consumer Risk Model), standardizing disclosed information, making onsite inspections, and promoting financial education.

Key Points:

  • SBS takes a proactive approach to preventing consumer disputes.
  • Actions include monitoring news, analyzing complaint statistics, and more.

SBS’s Activities in 2008

In 2008, SBS conducted 257 branch visits in 13 departments in Peru, representing 10.4% of the total number of branches. Offsite activities included checking websites, analyzing mass media campaigns and ads, and price lists, as well as carefully analyzing complaint statistics.

Key Points:

  • In 2008, SBS conducted 257 branch visits.
  • Offsite activities were also undertaken.

Overall, the importance of consumer protection and financial regulation in Peru is highlighted, with a focus on promoting transparency, fairness, and financial inclusion.