The Financial Superintendence of Colombia (SFC) received authorization to create its own Independent Conciliation Center, which will be operated by the Delegation for Jurisdictional Functions of the Entity.
(The ‘squeeze’ to the banks to curb consumer loans).
The authorization, granted by the Ministry of Justice and Law, constitutes a fundamental contribution of the Superintendency to strengthen the effective protection of consumer rights in disputes that may arise from the use of its products and services in the financial system.
The Financial Superintendency had been providing the conciliation service since 2020 through an alliance with the Superintendency of Companies and, to date, 4,600 requests have been resolved. By the end of 2022, it is expected that the number of reconciliations processed will reach 3,000 and by 2023, 4,500 are projected.
(Loans in the country are growing and are in line with the momentum of demand).
“This recognition from the Ministry of Justice and Law is a milestone that supports the work that the Financial Superintendence has been carrying out for 10 years in jurisdictional functions and, for more than two years, in extrajudicial conciliations. It is also a very important contribution to offer justice mechanisms to citizens and at no cost.”, assured the Delegate for Jurisdictional Functions of the SFC, Álvaro Atencia.
Atencia also pointed out that through the conciliation mechanism, the SFC provides a space for the financial consumers and supervised entities can reach agreements on disputes that may arise in your contractual relationship.
The authorization of the Conciliation Center of the SFC will contribute to the development of the Institution’s institutional mission of ensuring the protection of the financial consumer, pointed out Álvaro Atencia.
(Know the panorama of credit institutions in Colombia).
“We believe that with this mechanism the protection of the financial consumer is strengthened and from the Ministry of Justice we want to send a message to the public about the importance of dialogue and solving problems through conciliation before going to the judges of the Republic to solve the problems”, said Andrés Orlando Peña Andrade, Director of Alternative Methods of Conflict Resolution of the Ministry of Justice and Law.
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