Regulatory Alerts2015-04-22 | JB-2015-3377Resolution No. JB-2015-3377 of the Banking Board of Ecuador
The Banking Board of Ecuador issued Resolution No. JB-2015-3377 to reject the administrative review appeal filed by Banco Pichincha C.A. against a regional decision that had partially accepted a consumer's complaint regarding unauthorized insurance charges. The Board confirmed the prior ruling, which ordered the bank to suspend future debits for Westminster Insurance Group services while denying the consumer's request for reimbursement of past payments. This decision was based on the finding that the bank followed legal procedures for the initial transaction and that the consumer's formal complaint effectively terminated future service obligations.
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