SBS Resolution No. 01689-2025

The Superintendent of Banking, Insurance and Private Pension Fund Administrators

WHEREAS

That, in accordance with article 2 of the Complementary Law to the Consumer Protection Law in Financial Services Matters, Law No. 28587 and its amending norms and article 22 of the Market Conduct Management Regulation of the Financial System approved by SBS Resolution No. 3274-2017 and its amending norms, companies must provide all the information that users require prior to contracting financial products or services;

That, Law No. 32294 which incorporates article 2-A into Law No. 28587 provides that, upon the denial of the granting of a credit, financial system companies must inform, upon the request of the applicant and through the communication channels they have established, the aspects that did not allow the approval of the credit, except when the denial is due to the applicant's profile, based on the application of prudential norms issued by the Superintendency;

That, the Sole Final Complementary Provision of the aforementioned Law No. 32294 has granted the Superintendency a period of 30 days to issue the additional regulations necessary to make effective compliance with the aforementioned norm and, in that sense, the Superintendency establishes provisions to specify the period that companies have to inform users about the denial of credit, the communication channels to comply with the regulatory requirement, among other aspects, that allow companies to comply with adequately and timely informing the user's request for information;

With the approval of the Deputy Superintendencies of Regulation and Legal Affairs, and of Banking and Microfinance, as well as the Market Conduct and Financial Inclusion Management;

In use of the powers conferred by the General Law of the Financial System and the Insurance System and Organic Law of the Superintendency of Banking and Insurance - Law No. 26702 and its amending norms, in accordance with Law No. 32294, and the provisions of the Thirty-Second Final and Complementary Provision of the aforementioned Law No. 26702;

RESOLVES:

Article One. – Amend article 22 of the Regulation
of Market Conduct Management of the Financial System approved by SBS Resolution No.
3274-2017, in accordance with the following text:

“Article 22. Information prior to the execution of contracts

22.1 Companies must provide users with all pertinent information they request prior to the execution of any contract and during the period it takes for the latter and the company to execute it. The provision of the aforementioned information involves the delivery and/or making available of the contractual form and simulations that refer to the cost of the product under the offered installment system, as applicable, in accordance with Chapter III of this Title.

22.2 In case of denial of a credit application, and at the user's request, companies are obliged to expressly inform, within seven (7) business days of the submission of the request and through the channels previously made known to the user, the aspects that did not allow a positive qualification of the credit application.

22.3 When the denial is linked to the application of prudential norms referred to in article 41, the company must indicate this in its communication.”

Article Two. - Incorporate in Annex 2 “Specific
infractions of the financial system and of complementary and related services companies” of the Infractions and Sanctions Regulation approved by SBS Resolution No. 2755-2018 the following infraction:

I. MINOR INFRACTIONS

(…)

Specific infractions of the financial system and of complementary and related services companies

30. Fail to comply with the period established in current regulations to respond to users' requests about the reasons for the denial of their credit applications.

Article Three. – Companies have a period of
adaptation of sixty (60) days from the effective date of this Resolution.

Article Four. - This resolution enters into force on the
day following its publication in the Official Gazette El Peruano.

SERGIO JAVIER ESPINOSA CHIROQUE
SUPERINTENDENT OF BANKING, INSURANCE AND AFP