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1328 OF 2009
(July 15)
Official Journal No. 47.411 of 15 July 2009
CONGRESS OF THE REPUBLIC
For which rules on financial, insurance, securities market and other provisions are dictated.
OF THE FINANCIAL CONSUMER PROTECTION REGIME.
GENERAL ASPECTS.
ARTICLE 1o. PURPOSE AND SCOPE OF APPLICATION. The of this scheme is to lay down the principles and rules governing the protection of financial consumers in the relations between them and the entities monitored by the Financial Superintendence. of Colombia, without prejudice to other provisions providing for special protection measures and instruments.
For the purposes of this Title, it is included within the concept of financial consumer, any person who is a consumer in the financial, insurance and securities market system.
ARTICLE 2o. DEFINITIONS. For the purposes of this scheme, the following definitions are set out:
a) Customer: Is the natural or legal person with whom the supervised entities establish relationships of legal or contractual origin, for the supply of products or services, in the development of their social object.
b) User: It is the natural or legal person who, without being a client, uses the services of a monitored entity.
c) Potential Customer: Is the natural or legal person who is in the preliminary stage of preliminary treatment with the monitored entity, in respect of the products or services offered by the entity.
d) Financial Consumer: It is every client, user, or potential client of the monitored entities.
e) Products and services: Products are understood to be legally authorized transactions that are implemented in a contract concluded with the customer or that are of origin in the law. Services are defined as activities related to the development of the relevant operations and are provided to financial consumers.
f) Accession Contracts: These are the contracts made unilaterally by the supervised entity and whose clauses and/or conditions cannot be discussed freely and previously by the clients, limiting them to express their acceptance or reject them in their entirety.
g) Complaint or claim: It is the manifestation of non-compliance expressed by a financial consumer with respect to a product or service acquired, offered or provided by an entity monitored and brought to the attention of the Financial consumer advocate, Financial Superintendency of Colombia or other competent institutions, as appropriate.
h) Monitored Entities: Are the entities subject to inspection and surveillance of the Financial Superintendence of Colombia.
ARTICLE 3o. PRINCIPLES. They are established as guiding principles governing the relationship between financial consumers and supervised entities, the following:
a) Due Diligence. The entities monitored by the Financial Superintendency of Colombia should use due diligence in offering their products or in the provision of their services to consumers, so that they receive the information and/or the adequate and respectful attention in the development of the relations they establish with those, and in general, in the normal development of their operations. In this respect, the relationship between the supervised entities and the financial consumers should be developed in such a way as to be provided by the satisfaction of the needs of the financial consumer, in accordance with the offer, commitment and agreed obligations. The supervised entities shall observe the instructions that the Financial Superintendency of Colombia provides in terms of security and quality in the various channels of distribution of financial services.
b) Freedom of choice. Without prejudice to special provisions imposing a duty to supply a particular product or financial service, supervised entities and financial consumers may freely choose their respective counterparts in the the conclusion of the contracts by which the supply of products or the provision of services which the former offers are instructed. The refusal of the provision of services or the offering of products shall be based on objective causes and no unjustified treatment of financial consumers may be established.
c) Some, sufficient and timely transparency and information. The supervised entities should provide financial consumers with information that is certain, sufficient, clear and timely, allowing, in particular, that financial consumers are properly aware of their rights, obligations and obligations. costs in the relationships they establish with the monitored entities.
d) Responsibility of the entities monitored in the complaint procedure. The supervised entities must provide efficient and proper attention to the deadlines and conditions provided for in the current regulation of complaints or complaints filed by financial consumers and, after the identification of the generating causes of the same, design and implement the necessary and continuous necessary improvement actions.
e) Proper handling of conflicts of interest. The supervised entities shall administer the conflicts arising in the development of their activities between their own interests and those of the financial consumers, as well as the conflicts that arise between the interests of two or more consumers. financial, in a transparent and impartial manner, ensuring that the interest of financial consumers always prevails, without prejudice to other applicable provisions.
f) Education for the financial consumer. The supervised entities, the associations of associations, the consumer associations, the public institutions that carry out the intervention and supervision in the financial sector, as well as the self-regulatory bodies, will procure a adequate education of the financial consumers in respect of the financial products and services offered by the supervised entities, of the nature of the markets in which they operate, of the institutions authorised to lend them, as well as of the different mechanisms established for the defense of their rights.
ARTICLE 4. APPROPRIATE PARTNERSHIP AND REPRESENTATION. Financial consumers may rely on groups or other consumer organisations for the protection of their rights in accordance with existing legislation for such purposes.
PARAGRAFO. The principles contained in this article shall apply in all relationships established between financial consumers and supervised entities, without prejudice to the provisions contained in other rules, provided that they do not conflict with those referred to.
RIGHTS AND OBLIGATIONS.
ARTICLE 5o. RIGHTS OF FINANCIAL CONSUMERS. Without prejudice to the rights enshrined in other existing legal provisions, financial consumers shall, during all times of their relationship with the supervised entity, have the following rights:
(a) In developing the principle of due diligence, financial consumers have the right to receive from the supervised entities products and services with safety and quality standards, in accordance with the conditions offered and the obligations assumed by the supervised entities.
b) Having at their disposal, in the terms laid down in this law and in other provisions of special character, publicity and transparent, clear, truthful, timely and verifiable information, on the characteristics of the products or services offered and/or supplied. In particular, the information provided by the respective entity shall be such as to enable and facilitate its comparison and understanding in relation to the different products and services offered on the market.
c) Require due diligence in the provision of the service by the monitored entities.
d) Receive adequate education regarding the different ways to implement the products and services offered, their rights and obligations, as well as the costs generated on them, the markets and type of activity they develop the supervised entities as well as the various protection mechanisms established for the protection of their rights.
e) Submit in a manner respectful of consultations, petitions, requests, complaints or complaints to the supervised entity, the defender of the Financial Consumer, the Financial Superintendence of Colombia and the bodies of self-regulation.
(f) Other rights that are established in this law or other provisions, and those referred to in the instructions provided by the Financial Superintendence of Colombia.
g) 189 of Law 1607 of 2012 > 1 of Law 1555 of 2012. The new text is as follows: > To make advance payments in any credit operation in national currency without incurring any penalty or compensation for loss of profit, of the quotas or balances in total or partial form, with the consequent settlement of interest on the day of payment.
It is the obligation of credit institutions to provide the user with transparent, accurate, reliable and timely information prior to the granting of credit for the possibility of making advance payments of their obligation.
This right of the financial consumer will not be applied to credit operations whose balance exceeds eight hundred and eighty (880) smmlv. For the credits above this amount, the conditions of the advance payment will be those established in the contractual clauses agreed between the parties.
It is the right of the debtor to decide whether the partial payment made by the debtor will pay to capital with a decrease in time or capital with a decrease in the value of the obligation's share.
In the event in which the debtor has several credits with the same entity that add up to the amount indicated in the third indent, you will only be able to make the advance payment here regulated up to that limit. In the event in which the debtor owns several credits with different entities, he/she may make the advance payment here regulated with each entity, up to the limit set in this law.
The provisions contained in this article do not apply to mortgage loans.
PARAGRAFO 1o. 1 of Law 1555 of 2012. The new text is as follows: > The possibility of early payment of the credits specified above applies to the credits granted from the entry into force of this law.
ARTICLE 6o. OWN-PROTECTION PRACTICES BY FINANCIAL CONSUMERS. The following are good practices of self-protection by financial consumers:
a) Ensure that the entity with which you wish to contract or use the products or services is authorized and monitored by the Financial Superintendence of Colombia.
b) Report on the products or services that you intend to acquire or employ, inquiring about the general conditions of the operation; that is, the rights, obligations, costs, exclusions and restrictions applicable to the product or service, requiring the necessary, accurate and written explanations of the oral and written explanations to enable them to make informed decisions.
c) Observe the instructions and recommendations issued by the supervised entity on the management of financial products or services.
d) Review the terms and conditions of the respective contract and its attachments, as well as preserve the copies provided to you from these documents.
e) Report on the organs and means available to the entity to submit requests, requests, complaints, or claims.
f) Get a timely response to each product or service request.
PARAGRAFO 1o. The non-exercise of self-protection practices by financial consumers does not imply the loss or lack of knowledge of the rights that are owned by the supervised entities and the competent authorities. Similarly, it does not exempt supervised entities from the special obligations enshrined in this law in respect of financial consumers.
PARAGRAFO 2o. Financial consumers will have a duty to supply certain, sufficient and timely information to the monitored entities and the competent authorities at the events they request for the event. due to the performance of their duties and to update the data required. Similarly, they will inform the Financial Superintendency of Colombia and the other competent authorities about the entities that supply financial products or services without being legally authorized to do so.
ARTICLE 7o. SPECIAL OBLIGATIONS OF SUPERVISED ENTITIES. The supervised entities shall have the following special obligations:
a) Provide information to the public regarding the Financial Consumer Defenders, in accordance with the instructions that the Financial Superintendency of Colombia gives on the particular issue.
b) Deliver the product or provide the service properly, i.e. in the conditions reported, offered or agreed with the financial consumer, and employ adequate safety and quality standards in the provision of the products.
c) Provide understandable information and transparent, clear, truthful, timely information about your products and services offered on the market.
d) Contar with a System of Financial Consumer Care (SAC), in the terms indicated in this law, in the decrees that regulate it and in the instructions that it gives on the particular Financial Superintendence of Colombia.
e) to refrain from engaging in conduct involving contractual abuse or to agree terms that may affect the balance of the contract or give rise to an abuse of a contractual dominant position.
f) Develop contracts and annexes that regulate relationships with clients, clearly, in characters readable by the naked eye, and make them available for acceptance. Copies of documents bearing the contractual relationship shall be made available to the respective customer, and shall contain the terms and conditions of the product or service, the rights and obligations, and the interest rates, prices or charges and the how to determine them.
g) Refusing to make non-agreed or previously uninformed charges to the financial consumer, in accordance with the terms laid down in the rules on the matter, and to make available to them the vouchers or supports of the payments, transactions or transactions carried out by any channel offered by the supervised entity. The preservation of such vouchers and supports must meet the standards on the subject.
(h) to refrain from making any claim for a preliminary ruling without a real activity having actually been carried out on that management, and without having informed the financial consumer of the value of the charges. Recovery arrangements should be carried out in a respectful manner and at appropriate times.
i) Save the reservation of information provided by the financial consumer and which is reserved in the terms set out in the relevant rules, without prejudice to its supply to the competent authorities.
(j) State and/or specific conditions of the products at a given date, where the financial consumer so requests, in accordance with the procedure laid down for the purpose, except for cases where the institution monitor is required to do so without prior request.
k) To tender and to give timely response to requests, complaints or claims made by financial consumers, in accordance with the procedures laid down for the purpose, the provisions enshrined in this law and the other rules which are applicable.
l) Provide human, physical and technological resources so that branches and agencies provide efficient and timely attention to financial consumers.
m) Allow your customers free consultation, at least once a month, for the channels that the entity points to, the status of their products and services.
n) Count on your website with a link to the Financial Superintendence of Colombia site dedicated to the financial consumer.
or) Report to the Financial Superintendence of Colombia, in the form that it points out, the price of all products and services that are offered in a massive way. This information shall be disclosed on a permanent basis by each entity monitored in its offices, the cashiers of its network and its website.
[p] To inform the financial consumers, within the deadlines that the Financial Superintendency of Colombia points out, by the respective channel and in the form prior to the operation, the cost of the operation, if any, provided by the possibility of making it or not.
q) Dispose of electronic means and appropriate controls to provide efficient security for transactions, confidential information of financial consumers, and networks containing it.
r) Collaborate timely and diligently with the Financial Consumer Ombudsman, judicial and administrative authorities and self-regulatory bodies in the collection of information and obtaining evidence, in cases where require, inter alia, fraud, theft or any other conduct which may constitute a punishable event by the use of credit or debit cards, the carrying out of electronic or telephone transactions, and any other mode.
s) Do not require the financial consumer to repose in the supervised entity or in its premises, branches or agencies, without prejudice to the obligation of the financial consumer to update the information which is in accordance with the Corresponding normativity so requires.
t) Develop financial education programs and campaigns to clients about the different products and services they provide, their obligations and their rights, and the costs of the products and services they provide, markets and type of entities monitoring, as well as the different mechanisms established for the protection of their rights, according to the instructions for the effect of the Financial Superintendence of Colombia.
(u) The other provisions of this law, the relevant, complementary, regulatory, rules, arising out of the nature of the contract concluded or the service provided to the financial consumers, as well as the instructions issued by the Financial Superintendence of Colombia in the development of its functions and the self-regulatory bodies in its regulations.
FINANCIAL CONSUMER CARE SYSTEM.
ARTICLE 8o. FINANCIAL CONSUMER CARE SYSTEM, SAC. The monitored entities must implement a Financial Consumer Care System (SAC) that must contain at least:
(a) The policies, procedures and controls adopted by the institution in order to ensure the proper protection of the financial consumer and to create an environment of care and respect for the consumer. The key objectives of these policies will be as follows:
(i) Seek the financial education of its clients in respect of the different operations, services, markets and type of activity of the supervised entities, as well as the different mechanisms established for the protection of their clients rights.
(ii) Train your officials, for the provision, advice and delivery of services or products to financial consumers.
(iii) To instruct all its officials regarding the relevant figure, functions, procedures and other aspects related to the Financial Consumer Defender of the respective entity.
(b) The mechanisms that support the observance of the principles, obligations and rights enshrined in this law and related thereto;
(c) The mechanisms to provide adequate information in the terms provided for in this law, in other provisions and in the instructions that the Financial Superintendence of Colombia provides for the effect;
d) The procedure for the attention of requests, complaints, or claims;
e) The mechanisms that allow entities to monitor the production of statistics on complaints typologies in order to establish opportunities for improvement and corrective actions.
PARAGRAFO. The Financial Superintendence of Colombia will provide the necessary instructions for the proper functioning of the SAC and define the maximum period in which the entities will have to implement it.
FINANCIAL CONSUMER INFORMATION.
ARTICLE 9o. MINIMUM CONTENT OF THE INFORMATION TO THE FINANCIAL CONSUMER. In developing the principle of transparency and certain, sufficient and timely information, the supervised entities should inform the financial consumers at least the the characteristics of the products or services, the rights and obligations, the conditions, the tariffs or prices and the way to determine them, the measures for the safe handling of the product or service, the consequences arising from the non-compliance with the the contract, and the other information which the supervised entity considers appropriate for the consumer understands the content and operation of the relationship established to supply a product or service. In particular, the information that is previously provided for the conclusion of the contract should allow and facilitate the appropriate comparison of the different options offered on the market.
2 of Law 1748 of 2014. The new text is as follows: > In the development of the above, the Administrators of the General System of Pensions will have to guarantee that the clients who want to move between the pension systems, receive advice from representatives of both schemes, as a precondition for the transfer between schemes. The above in accordance with the instructions that the Financial Superintendence of Colombia gives to the effect.
The Financial Superintendence of Colombia should provide special instructions regarding the information that will be provided to the financial consumers prior to the formalization of the contract, at the time of its conclusion and during the execution of the latter, indicating to the monitored entity the means and channels to be used, which must be easily accessible to the financial consumers.
PARAGRAFO 1o. Prior to the conclusion of any contract, the supervised entities must provide the client with a detailed list, free of charge, of all charges or costs for the use of the services or products, such as handling fees, commissions for the use of own electronic teller machines or not, costs for credit studies, insurance, balances consultations, among others. Likewise, the other aspects that may involve a cost to the financial consumer should be reported, such as the exemption or non-tax on financial transactions, among others. Additionally, they must indicate to the customer the channels through which they can know and any modification of the fees or costs, which can be carried out in the development of the contract concluded with the entity, is published.
Likewise, entities must report clearly, if within their regulations, they are subject to the enforcement of the client's client's decisions, as well as the range or type of complaints to which they apply.
This information must be provided to the clients of the monitored entity, at least annually.
PARAGRAFO 2o. Advertising of contracts. The supervised entities shall publish on their website the text of the models of the standardised contracts which they are using with their customers for the various products they offer, in the form and conditions which the Financial Superintendence of Colombia, for the consultation of financial consumers.
PARAGRAFO 3o. The Financial Superintendence of Colombia, must publish quarterly, in national and regional newspapers of wide circulation, and in comparative form, the price of all the products and services that the monitored entities offer in a massive manner.
PARAGRAFO. 1 of Law 1748 of 2014. The new text is as follows: > Depending on what is contemplated in this article, the supervised entities will be obliged to inform their clients, in addition to the interest rate actually paid or received by them, the Total Unified Value for all concepts, effectively paid or received by the customer, regardless of whether they are active or passive operations.
The potential customer must be provided, provided that the nature of the product or service permits, a projection of the Unified Total Value that would effectively pay or receive, in advance of the conclusion of the contract. In this case, the Unified Total Value should also be expressed in annual effective percentage terms. It must also have the same publicity as the interest rate related to the product or service offered.
The Unified Total Value of this paragraph shall be expressed in annual effective percentage terms for the life horizon of the product and its resulting in weights for the reporting period and shall include all concepts whether they are paid or received by the customer, irrespective of whether they are active or passive operations, provided that the nature of the product or service so permits, including interest, insurance, expenses, contributions, erogations, commissions and taxes and so on.
Within the Unified Total Value, the component corresponding to the interest rate actually paid or received must be differentiated.
Within a period of no more than ninety (90) days, the National Government will regulate the manner and periodicity in which the monitored entities must provide the information that this paragraph deals with.
ARTICLE 10. OPPORTUNITY FOR INFORMATION TO THE FINANCIAL CONSUMER. Any changes to the terms of the contract that are feasible or arising from the specific regulatory framework of each product and the general provisions of this law as specific to other rules, it must be notified in advance to the financial consumers on the terms to be laid down in the contract. In the event in which the entity. Under this obligation, the financial consumer will have the option to terminate the contract without any penalty, without prejudice to the obligations under the same contract.
ABUSIVE CLAUSES AND PRACTICES.
ARTICLE 11. PROHIBITION ON THE USE OF UNFAIR TERMS IN CONTRACTS. The contractual clauses or stipulations that are incorporated in the accession contracts are prohibited:
(a) Prevent or imply limitation or waiver of the exercise of the rights of financial consumers.
b) Invite the burden of proof to the detriment of the financial consumer.
c) Include blanks, provided that your diligence is not authorized in detail in a letter of instructions.
(d) Any other that limits the rights of the financial consumers and the duties of the supervised entities arising out of the contract, or exonerates, complies or limits the liability of those entities, and which may cause harm to the consumer financial.
e) The others that the Financial Superintendency of Colombia establishes in a prior and general way.
PARAGRAFO. Any provision or use of unfair terms in a contract will be understood as unwritten or without effects to the financial consumer.
ARTICLE 12. ABUSIVE PRACTICES. The following are considered to be abusive practices by the supervised entities:
(a) The conditioning of the financial consumer by the supervised entity that it accesses the acquisition of one or more products or services it provides directly or through other institutions monitored through its network of offices, or make investments or the like, for the granting of another or other of their products and services, and which are not necessary for their natural provision.
b) Starting or renewing a service without an express consumer authorization or authorization.
c) The reversal of the burden of proof in case of fraud against the financial consumer.
d) The others that the Financial Superintendency of Colombia establishes in a prior and general manner.
PARAGRAFO. The abusive practices are prohibited from the entry into force of this standard and will be sanctionable as provided by the Financial Superintendence of Colombia and the law.
FINANCIAL CONSUMER OMBUDSMAN.
ARTICLE 13. FUNCTIONS OF THE FINANCIAL CONSUMER OMBUDSMAN. The supervised entities defined by the National Government must have a Financial Consumer Ombudsman. The Consumer Ombudsman shall be an institution geared to the special protection of financial consumers and, as such, shall exercise the following functions with autonomy and independence:
a) Atender in a timely and effective manner to the financial consumers of the entities concerned.
b) To know and to resolve in an objective and free manner for the consumers, the complaints that they present, within the terms and the procedure that is established for this purpose, regarding a possible non-compliance of the supervised entity legal, contractual or internal rules governing the performance of the services or products they offer or provide, or with regard to the quality of the services or products.
c) Act as a conciliator between the financial consumers and the respective entity under the terms indicated in Law 640 of 2001, its rules, or the rules that modify or replace it. For this purpose, the financial consumer and the supervised entity may bring the matter to the attention of the respective Ombudsman, indicating in an explicit manner their wish to have the case taken into account in the development of the conciliation function. For the exercise of this function, the Ombudsman shall be certified as a conciliator in accordance with the rules in force.
The document in which the reconciliation between the supervised entity is recorded and the financial consumer must be subscribed by them and the Financial Consumer Ombudsman as a token of their presence, will provide executive merit. and shall have the effect of res judicata, without requiring the deposit in the Conciliation Centre. Failure to comply with it shall give the power to the fulfilled party to make it enforceable by the respective legal channels.
d) Be a spokesman for financial consumers to the respective monitored entity.
e) Make recommendations to the supervised entity related to services and attention to the financial consumer, and in general in matters framed in the field of their activity.
f) Propose to the competent authorities the regulatory changes that are appropriate for the best protection of the rights of financial consumers.
g) The others assigned to you by the National Government and that have the proper development of the SAC.
ARTICLE 14. MATTERS OTHER THAN THE KNOWLEDGE OF THE FINANCIAL CONSUMER ADVOCATE. following matters shall be exempt from the knowledge and procedure before the Financial Consumer Ombudsman:
(a) Those that do not correspond or are not directly related to the ordinary turn of the operations authorized to the entities.
(b) Those concerning the employment relationship between the entities and their employees or their contractors.
c) Those that are derived from the entity's shareholder status.
(d) Those relating to the recognition of invalidity, old age and survivors ' benefits and pensions, except in matters relating to the quality of the service and the procedures for the recognition of such services.
e) Those who refer to matters that are in the judicial or arbitral proceedings or have been resolved in these ways.
f) Those that correspond to the decision on the provision of a service or product.
(g) Those referring to events occurring with three (3) years or more prior to the date of filing of the application with the Ombudsman.
(h) Those who are the subject of the same facts and affect the same parties, when they have been the subject of prior decision by the Ombudsman.
i) Those whose amount, in addition to all the concepts, exceeds 100 (100) monthly minimum legal salaries in force at the time of their presentation.
j) The others defined by the National Government.
ARTICLE 15. STATEMENTS BY THE FINANCIAL CONSUMER ADVOCATE. The decisions taken by the Financial Consumer Ombudsman shall be binding when, without prejudice to the conciliation procedure which may be brought forward in accordance with the provisions of the (c) of Article 13 of this law, consumers and supervised entities shall agree on a prior and express agreement. Similarly, the decisions of the Financial Consumer Ombudsman shall be compulsory for the supervised entities, where the entities have provided for in their regulations.
The Financial Consumer Defender does not have a public function character.
ARTICLE 16. ATTENTION TO CONSUMERS ACROSS THE COUNTRY. The Financial Consumer Ombudsman and supervised entities should ensure that financial consumers in all areas of the country are effectively, efficiently and in a timely manner. which the supervised entity provides its services. The Financial Superintendence of Colombia will issue instructions for the fulfillment of this duty.
ARTICLE 17. INDEPENDENCE AND AUTONOMY OF THE FINANCIAL CONSUMER DEFENDERS. The Financial Consumer Advocates shall act independently of the respective supervised entity, their administrative bodies, and with autonomy as regards the criteria to be applied in the exercise of his office, forcing him to bring to the attention of the Financial Superintendence of Colombia any situation that undermines or limits his powers of action.
In any case, the Financial Consumer Advocates shall refrain from acting when conflicts of interest arise in connection with a financial dispute or consumer, in which case the Substitute Ombudsman shall act.
Financial Consumer Advocates shall not be able to perform functions other than their own functions in the supervised entities.
You may not be designated as a Financial Consumer Defender, who is or has been in the immediate past year prior director, employee, contractor, proxy or agent of the supervised entity in which you are to perform as a defender, or the parent, subsidiary or subsidiary of the parent. In the case of being designated as a Financial Consumer Ombudsman who owns shares of the supervised entity, the entity shall be responsible for the natural person outside the fourth degree of consanguinity, second degree of affinity and first civil, or where no shareholding is held as a natural person directly or indirectly. The inability established in this paragraph shall not apply to persons who are exercising the client's office for the entry into force of this law.
The financial resources must be available to the monitored entities to ensure that the Financial Consumer Ombudsman has the physical, human, technical and technological resources and any other resources deemed necessary for the appropriate financial resources. performance of your assigned functions.
PARAGRAFO. The Financial Superintendence of Colombia will be able to determine the necessary infrastructure for the proper functioning of the Financial Consumer Ombudsman.
ARTICLE 18. DESIGNATION AND REQUIREMENTS OF FINANCIAL CONSUMER ADVOCATES. Financial Consumer Advocates must be enrolled in the Financial Consumer Defenders Register that will be implemented by the Financial Superintendency of Colombia in the form that the National Government establishes. They shall be appointed by the General Assembly of Shareholders of the respective supervised entities. Likewise, before exercising his position, they must be placed before the Financial Superintendence of Colombia.
Financial Consumer Advocates will be designated for a period of two (2) years, extendable for equal periods.
For this purpose, the Superintendency will define the requirements that will be accredited by the Financial Consumer Defenders, and in any case, must:
1. Credit knowledge in matters covered by consumer protection, as well as in commercial, financial, insurance or securities law, preferably related to the sector to which the institution or entities in which the human rights defender belongs exercise its functions.
2. Credit at least five (5) years of professional experience or specialised studies in the specific areas in the financial, insurance or securities sector, as appropriate to the entity in which it will perform its functions, counted from the date of professional grade.
3. Credit-conduct and moral solvency.
PARAGRAFO 1o. The requirements and qualities provided for in this Article shall be payable to the principal and alternate Financial Consumer Advocates.
PARAGRAFO 2o. Each Financial Consumer Ombudsman may perform his/her duties simultaneously in several supervised entities, in accordance with the regulations issued by the National Government.
PARAGRAFO 3o. The Financial Superintendency may revoke the registration of the Financial Consumer Defenders record, when it establishes that the person to whom it was granted has lost any of the requirements required for this purpose, in the form and conditions indicated by the National Government.
PARAGRAFO 4o. The Financial Consumer Advocates of the Administrators of the Solidarity Regime of Prima Media with Defined Benefit, will be appointed by the highest administrative body. The Boards of Directors or Boards of Directors of the public entities referred to in this article will determine how to fix the amount of appropriations to be allocated for the proper functioning of the Ombudsman's Office. Consumer.
ARTICLE 19. TERMINATION IN THE EXERCISE OF THE FUNCTIONS OF THE FINANCIAL CONSUMER ADVOCATE. The definitive termination in the exercise of the duties of the Financial Consumer Ombudsman may only be a consequence of:
a) Final lack of the Financial Consumer Ombudsman caused by disability or death.
b) Renunciation.
c) Cancellation of registration by the Colombian Financial Superintendence of the Ombudsman or the revocation of the possession to the same entity.
d) The designation of a new Financial Consumer Defender by the expiration of the period for which it was designated.
e) Haber incurred in some of the causes mentioned in the incisos 3o and 4th of the numeral 5 of article 53 of the Organic Statute of the Financial System, as amended by the Law 795 2003 and other rules that modify or add it.
ARTICLE 20. PROCEDURES FOR THE RESOLUTION OF COMPLAINTS OR COMPLAINTS BY THE DEFENDERS OF THE FINANCIAL CONSUMER. The National Government, by means of general rules, shall indicate the procedure for the filing and resolution of complaints or complaints to the Financial Consumer Ombudsman of the supervised entities.
SANCTIONING REGIME.
ARTICLE 21. SANCTIONING REGIME. Failure to comply with the rules provided for in this Title, including the obligations of the Financial Consumer and the entities monitored for it, as well as the other provisions in force in the financial consumer protection material will be sanctioned by the Financial Superintendence of Colombia in the form provided for in Part Seventh of the Organic Statute of the Financial System and article 53 of the Law 964 of 2005 and other rules amending or replacing them.
PARAGRAFO. Add the numeral 2 of article 208 of the Organic Statute of the Financial System and article 52 of the Law 964, 2005, with the following literal:
j) The violation of the Financial Consumer Protection Regime. It should also be considered if solutions were adopted in favor of the financial consumer in the process of complaints or complaints, as well as the implementation of improvement measures as a result of them.
ARTICLE 22. NORMATIVE REFERENCES. As of the entry into force of this law, all references to the provisions in force to the Customer's Ombudsman and to the Ombudsman's Office shall be construed as references to the Consumer Ombudsman. Financial and the Financial Consumer Ombudsman.
OF THE NATIONAL GOVERNMENT ' S POWERS OF INTERVENTION.
ARTICLE 23. OBJECTIVES OF THE INTERVENTION. Add the following literals to Article 46 of the Organic Statute of the Financial System:
i) That the compulsory pension resources of the Individual Savings Scheme with Solidarity and the resources to fund the retirement pensions programmed under this scheme are invested in Pension Funds that consider the ages and the risk profiles of affiliates, with the aim of ensuring the best risk-adjusted profitability to provide the benefits provided for in the law in favour of affiliates.
j) Promote in those affiliated to the Individual Savings Regime with Solidarity the clear knowledge of their rights and duties, as well as the characteristics thereof, in such a way as to enable them to make informed decisions, in particular of the effects which are derived from the link to the scheme under the law, as well as the effects of selecting from the different Pension Funds available.
k) That the scheme of commissions for the administration of the resources of the Pension Funds should allow the collection of reasonable commissions by the administrators, which, among other aspects, takes into account the performance of the Managed portfolios as well as the collection of contributions.
l) That the resources of the Funds of Cesanties be invested in investment portfolios that respond to the nature and objective of this aid and to the expectation that such resources remain in these funds.
m) That in the cross-border trade of such activities, as well as in the provision of financial services and insurance in Colombian territory through branches of foreign entities, the interests of the residents in the country and the stability of the system.
n) Promote access to financial and insurance services by the population of smaller resources and small, medium and micro-enterprises.
o) That the supervised entities, the associations of associations, the associations of duly recognized consumers and the authorities that exercise the State's intervention in the financial sector, implement mechanisms aimed at achieving a adequate education on the products, services and rights of the financial consumer.
p) Encourage the appropriate participation of the associations of Financial Consumers in the formulation of the provisions that affect them.
ARTICLE 24. INSTRUMENTS OF INTERVENTION. Modify the literal i) and add the following literals to article 48 of the Organic Statute of the Financial System:
i) to determine in general terms the property relations or other indicators that allow the financial institution to deteriorate, so that recovery programmes are adopted or implemented automatically and appropriate measures, all in the form, conditions, time limits and with the consequences that the Government will have. The measures envisaged may include, inter alia, those provided for in Article 113 of this Statute, the forced reduction of capital to a figure not less than the value of the net worth, the compulsory placement of shares without the right of preference, the forced disposal of assets, the prohibition of distributing profits, the creation of temporary management mechanisms with or without legal status in order to ensure the optimization of asset management to respond to liabilities, the combination of any of the above or other liabilities deemed appropriate under the conditions laid down by the Government. Against the administrative acts which are adopted in the development of this faculty, only the replenishment facility shall proceed, which shall not suspend the immediate fulfilment of those acts. With respect to these measures, the principle of direct disclosure contained in the literal (d) of Article 208 of the Organic Statute of the Financial System shall apply.
(m) Establish the relevant rules for the management by the managing companies, both in the accumulation period and in the accumulation period, of different pension funds in the Individual Savings Scheme with Solidarity, (i) the definition of the number of funds, which may not exceed four (4), including the Special Retirement Fund; (ii) the investment schemes of each fund, which among others shall consider types and percentage of assets (iii) the minimum rate of return applicable to these in accordance with the provisions of the provided for in Article 101 of Law 100 of 1993; (iv) the mandatory and supplementary rules for the allocation of individual savings accounts to the various funds, which shall consider contributions and age of the affiliate; v) possibilities of choice on the part of the affiliates, the transfers between the funds and vi) the regime of gradual adjustment to the scheme of "multifunds".
In development of this literal, the National Government is authorized to design and regulate a multi-fund scheme in the Individual Savings Regime with Solidarity, composed, in its stage of accumulation, by three (3) funds, conservative, moderate and higher risk and, in its de-accumulation stage a special fund for scheduled retirement pensioners.
[n] To determine the scheme of commissions for the administration of the resources of the Pension Funds, which as regards the commission for compulsory contributions will have to incorporate a component calculated on the contributions and the other on the the performance of the different Pension Funds that incentivise the best management by the managers.
or) Establish the relevant rules for the administration of the investment portfolios of the Cesantia Funds, including the investment regimes of each of them, which will have to consider, among others, types and percentage of eligible assets according to the time limit and the level of risk, the minimum return applicable to them in accordance with the provisions of Article 101 of Law 100 of 1993, the mandatory and non-binding rules allocation of individual accounts to portfolios, as well as the possibilities of choice for part of the members, the transfers between the investment portfolios and the gradual adjustment regime to the new scheme.
p) Establish general rules on the information to be provided to members of the Individual Savings Regime with Solidarity and those affiliated with the Cesantia Funds, without prejudice to the particular instructions on the The Financial Superintendence of Colombia can be imparted.
(q) Regular cross-border provision of financial and insurance services, as well as the provision of financial and insurance services in Colombian territory through branches of foreign entities.
r) Dictate rules and establish instruments that facilitate access to financial services, insurance services, and those involving the management, exploitation and investment of resources collected from the public, by the population of lesser resources, the small, medium and micro-enterprise, as well as the conditions and mechanisms for the development of such services by the entities carrying out such activities.
s) To establish the relevant rules to encourage the institutions to monitor, trade associations, consumer associations, public institutions that carry out state intervention in the financial sector as well as self-regulatory bodies, may, among other instruments, conclude agreements with accredited university institutions for the structuring and development of educational programmes for financial training for the common citizen, of short duration and low cost.
OF THE FINANCIAL SYSTEM STRUCTURE.
ARTICLE 25. FINANCING COMPANIES. As of the entry into force of this law, commercial financing companies will be referred to as "Financing Companies" and all existing provisions relating to those, including provided for in the Organic Statute of the Financial System, shall be construed as referring to them.
Commercial financing companies existing at the entry into force of this law will have three (3) months to modify their denomination and must be announced always using the name "Financing Company".
ARTICLE 26. NEW OPERATIONS AUTHORIZED TO BANKING ESTABLISHMENTS. Modify the literal e) and add a new literal to the article 7or the Organic Statute of the Financial System, as follows:
e) Grant credit, including loans to perform operations aimed at acquiring control of other companies or associations, without prejudice to the provisions of Article 10 of this statute.
o) Perform lease and lease operations with no purchase option.
PARAGRAFO. Authorize the banking establishments to handle the required scheduled savings accounts provided in literal (b) of item 40 of Law 1151 of 2007.
ARTICLE 27. PATRIMONIAL REGIME OF INVESTMENT MANAGEMENT COMPANIES. Correspond to the National Government to establish the minimum capital for the formation of investment management companies and the collateral mechanisms that may be to supplement it, without prejudice to the powers provided for in Article 4c) (c) or Act 964 of 2005.
The National Government may establish different minimum capital requirements for investment management companies that manage only private equity funds.
ARTICLE 28. Add the numeral 1 of article 270 of the Organic Statute of the Financial System with the following literals:
h) Provide technical assistance, project structuring, technical and financial consulting.
i) Manage third-party titles.
j) Issue endorsements and guarantees to both entities monitored by the Financial Superintendency and to other entities that the National Government has.
ARTICLE 29. Modify the paragraph 3 paragraph (b) paragraph 3 of Article 270 of the Organic Statute of the Financial System, which will be so:
PARAGRAFO. The National Government may authorize the Financial Development of Territorial Development S.A. -Findeter, to create credit lines with compensated rate, including lines aimed at promoting microcredit, as long as the resources equivalent to the amount of the subsidy come from the Nation, public entities, territorial entities or private entities, subject to prior approval and regulation of their Board of Directors.
For the purpose, it will be required that items equivalent to the amount of the subsidy have been included in the national budget in advance or that the necessary resources are guaranteed to compensate for the fee.
ARTICLE 30. Modify Article 271 of the Organic Statute of the Financial System, which will remain so:
Article 271. The Territorial Development Finance S.A. -Findeter-will not be subject to forced investments and will not distribute cash profits among its partners. Likewise, it will be subject to the system of lacy and deposit insurance when the captions that you make are under the conditions that the National Government will point out for the effect.
Public entities for regional development will not be subject to the system of encajes, nor to forced investments, and will not distribute profits among their partners.
ARTICLE 31. Modify the number 2 of Article 277 of the Organic Statute of the Financial System, which will be as follows:
2. Educational Savings Titles. The Colombian Institute of Educational Credit and Technical Studies Abroad, Icetex, is authorized to directly or through escrow issue, place and maintain in circulation, Educational Savings Titles (SAD) with the following features:
(a) The Educational Savings Titles (SAD) are securities that incorporate the right to the future to assure the holder, that the Icetex will cancel its presentation and in quotas equal to those agreed upon at the time of its subscription, the value of the tuition, text and other academic costs, which the title guarantees.
b) They are nominative titles.
c) The maturity of these securities will be up to 24 years. Actions for the recovery of interest and capital of the title shall be prescribed in five (5) years from the date of its enforceability.
(d) The value of each title may be paid in full at the time of subscription or by installation with time between 12 and 60 months.
PARAGRAFO 1o. The emissions of the titles referred to in the numeral 2 of this article will require the authorization of the Icetex Board of Directors and the favorable concept of the Ministry of Finance and Public Credit.
PARAGRAFO 2o. The total amount of the emissions referred to in the numeral 2 of this article may be up to one (1) time the net worth of the Icetex, determined by the Financial Superintendence of Colombia.
ARTICLE 32. Amend paragraph 2 of item 1 of Article 279 of the Organic Statute of the Financial System, which shall remain as follows:
The Bank of Foreign Trade-Bancoldex will be exempt from making forced investments. Likewise, it will be subject to the system of lace and deposit insurance when the fetches that I make are under the conditions that the National Government will point out for the effect.
ARTICLE 33. Modify the third paragraph of item 3 of article 283 of the Organic Statute of the Financial System which will remain so:
The Nation, through the Ministry of Commerce, Industry and Tourism will be able to transfer resources destined to the promotion of exports, foreign investment and tourism, to the autonomous heritage Trust of Promotion of Exports -Proexport-Colombia, for the performance of its functions.
ARTICLE 34. MODIFICATION OF THE NATURE AND DENOMINATION OF THE EXCHANGE HOUSES. AUTHORIZATION OF NEW OPERATIONS. Three months after the entry into force of this law, the exchange houses will be referred to as "foreign exchange and special financial services companies."
These entities will be authorized to carry out, in addition to the operations permitted under the currency regime and in the terms and conditions indicated by the National Government, payments, collections, and national transfers in national currency. They will also be able to act as non-bank correspondents.
It will be up to the National Government to establish the regime applicable to these entities, including their authorisation regime, assets and special obligations.
ARTICLE 35. Modify Article 3or the Organic Statute of the Financial System, which will be as follows:
Article 3or. Financial Services Companies.
1. Classes. For the purposes of this Statute, financial services companies, trust companies, general warehouse stores, pension fund management companies and non-profit-making companies and intermediary companies (a) exchange and special financial services, which have the function of carrying out the operations provided for under the arrangements governing their activity.
2. Nature. Financial services companies have the character of financial institutions.
OF PROMOTING MICROFINANCE.
ARTICLE 36. SAVINGS AND CREDIT COOPERATIVES. Add the following paragraph to Article 41 of Law 454 of 1998:
PARAGRAFO 3o. Under the terms that the National Government points out and under exceptional circumstances, the Savings and Credit Cooperatives and the multi-active and integral with savings and credit section, may extend the provision of their services to legal persons who by their nature cannot be associated in the terms of the cooperative law, who are domiciled in a locality where the cooperative has established an office or a correspondent.
The provision of such services will require in all cases the prior and express approval of the Superintendence of the Solidarity Economy, which will only give it when the requirements established by the National Government are met. In any event, such authorization may be granted only where there are no credit institutions in the respective locality and it is verified that the services to be provided by the cooperative will effectively contribute to the channelling of savings to productive investments and to facilitate transactions between economic operators.
Dealing with passive products such as savings accounts or term deposits, the maximum amount that may be received from the legal persons referred to in this paragraph may not exceed the amount determined by the National Government.
In the event in which, after the granting of the aforementioned authorization, a credit establishment initiates the provision of services in the respective locality, the corresponding cooperative must refrain from making new operations with the entities referred to in this paragraph.
The cooperative that receives third-party resources in violation of the provisions of this paragraph shall be subject to the corresponding administrative penalties, without prejudice to the criminal consequences to which it occurs.
ARTICLE 37. Add the following paragraph to Article 45 of Law 454 of 1998:
PARAGRAFO. The financial cooperatives resulting from a specialization process, will be able to use the logo and the symbols of the cooperative that gave them origin, according to the instructions given by the Financial Superintendence of Colombia.
ARTICLE 38. DISCOUNT LINE FOR MICROCREDIT. The National Government will create a discount credit line for micro-credit operations, with the conditions and characteristics of the sector to which it is directed, and through the financial institution which is deemed appropriate.
