Regulatory Alerts2013-09-20 | CD-SIBOIF-796-1-AGOST30-2013Added · Updated
Norm on Transparency in Financial Operations
The Superintendence of Banks and Other Financial Institutions issued Resolution No. CD-SIBOIF-796-1-AGOST30-2013 to mandate clear, complete, and transparent disclosure of financial product costs, including interest rates, commissions, and expenses, for all supervised institutions. The norm requires entities to publish fee structures on their websites and in offices, define the Annual Effective Cost Rate (TCEA), and notify clients of negative contract decisions within thirty calendar days. It further establishes obligations for institutions to maintain customer service systems, ensure advertising accuracy, and prohibit charges for unauthorized services, while defining specific calculation bases for interest rates based on 360-day and 365-day years.