Protection of Financial Services Users: Electronic Communication for Environmental Care - Adjustments

COMMUNICATION “A” 7199
06/01/2021

TO FINANCIAL INSTITUTIONS,
TO FOREIGN EXCHANGE OPERATORS,
TO NON-FINANCIAL COMPANIES ISSUING CREDIT CARDS, TO THE TRUSTEES OF FINANCIAL TRUSTS INCLUDED IN THE LAW ON FINAN- CIAL INSTITUTIONS, TO OTHER NON-FINANCIAL CREDIT PROVIDERS, TO NON-FINANCIAL COMPANIES ISSUING PURCHASE CARDS:

Ref.: Circular
RUNOR 1 - 1640

Protection of users of financial servic- es. Communication by electronic means for environmental care. Adjust- ments .

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We address you to inform you that this Institution adopted the following resolution:

“1. Replace the first paragraph of point 2.1. “Concept” of the rules on “Protection of users of financial services” with the following:

“Users of financial services have the right, in every consumer relationship, to:

− the protection of their security and economic interests;

− receive clear, sufficient, truthful and easily accessible and visible information about the products and/or services they contract –including their terms and conditions–, as well as a copy of the instruments they sign;

− freedom of choice; and

− conditions of fair and dignified treatment.”

2. Establish that the obligated subjects included in point 1.1.2. of the rules on “Protection of users of financial services”:

i) Must provide users with a summary of the contract –before its formalization– emphasizing the most significant clauses for the user.

ii) Must enable, through the Internet banking service –“home banking”– or, failing that, through its Internet site –subject to compliance with procedures for user access and authentication–, the consultation and download of the signed contract and of the special offers or promotions that had been offered, agreed and that are in force for the user.

iii) When the contracting of products and/or services at a distance is carried out by electronic means, they must:

− grant the user the necessary technical means so that, before contracting, they can detect and correct any errors or omissions in the data entry;

− provide the user with a mechanism for express confirmation of the decision to contract, in such a way that their silence is not considered as consent; and

− ensure that the terms of the contracting can be read, downloaded and saved by the user in an unalterable manner.

iv) In the event that changes occur in the agreed conditions (new concepts and/or values or reduction of service benefits), notification by electronic means (email or similar electronic means) must be clear, easily accessible to the user and include the date of issuance, to the extent that electronic communication mechanisms are used between the obligated subject and the user of financial services.

v) Must publish, displayed under the name “Contracts of adhesion – Law 24.240 on Consumer Protection”, on their institutional Internet site the models of contracts of adhesion of all products and/or services offered –discriminating by each modality, plan, product and/or service–, as well as any other general and/or particular condition of adhesion established through those by which rights and obligations in force with their users are instrumented and the promotions and bonuses –with precise indication of the start and end dates, as well as their modalities, conditions and limitations–.

Access to the aforementioned information must be easy and direct from the home page of their institutional Internet site through a single hyperlink and occupy a prominent place, as to visibility and size, on that page.

vi) Have hyperlinks that allow the user to revoke the acceptance of the contracted product or service (“regret button”) and terminate (rescind) contractual relationships (“cancellation button”) –in accordance with the provisions of section v) of point 2.3.1.1. of the rules on “Protection of users of financial services” and in point 3.2.1. of the rules on “Communication by electronic means for environmental care”, respectively–.

In both cases, they must be identified with the legend “regret button” or “cancellation button”, as applicable, and be located in a prominent place –as to visibility and size– of the first access of their Internet banking service –“home banking”– or similar mechanism so that the user can proceed in the same act to the effective revocation or rescission of the product or service, as applicable.

3. Provide that financial institutions, non-financial companies issuing credit and/or purchase cards and other non-financial credit providers must incorporate in a prominent place –as to visibility and size– of the first access of their Internet banking service –“home banking”– or similar mechanism respective hyperlinks that allow the user to revoke acceptance as well as rescind contractual relationships –according to the type of product or service in question–.

The aforementioned hyperlinks must be identified with the label “botón de arrepentimiento” or “botón de baja”, as applicable, and enable the user so that –in the same act– they may proceed to the effective revocation or rescission of the product or service –as applicable–, within the framework of the provisions of subsection v) of point 2.3.1.1. of the rules on “Protección de los usuarios de servicios financieros” and in point 3.2.1. of the rules on “Comunicación por medios electrónicos para el cuidado del medio ambiente”, and inform them: i. the number of the procedure or process; ii. the free nature of the revocation process; iii. any costs associated with the rescission procedure of the contractual relationship and iv. the steps to follow when the rescission could not be completed in that act.

4. The provisions set forth in this resolution shall enter into force, at the latest, within 60 calendar days counted from the date of its dissemination.”

We clarify that the entities subject to the regulatory and supervisory powers of the Banco Central de la República Argentina (BCRA) shall comply with the provisions of Resolution No. 424/2020 of the Secretaría de Comercio Interior regarding the “botón de arrepentimiento” by implementing it in the manner specifically regulated by the BCRA.

Subsequently, we will send you the pages that, in replacement of those previously provided, must be incorporated into the rules referred to.

We greet you attentively.

CENTRAL BANK OF THE ARGENTINE REPUBLIC

Matías A. Gutiérrez Girault
Gerente de Emisión de Normas

Darío C. Stefanelli
Senior Issuance Manager and
Aplicaciones Normativas