Banxico rejected more than half of requests to increase commissions

On a constant basis, in the Mexican financial system, the different regulated players request changes regarding the commissions that they charge to users as registrations, cancellations, increases or decreases. They do this before the Bank of Mexico (Banxico) which is in charge of managing the so-called Registry of Commissions (Reco).

According to the most recent Annual Report on Compliance with the Law for the Transparency and Organization of Banxico’s Financial Services, as of November 2022, 128 institutions were required to register their commissions: 50 banks, 39 multiple-purpose financial companies (sofomes ) regulated, six development banking institutions and 33 Financial Technology Institutions (ITF).

The document states that in 2022, 8,233 changes to commissions were requested between the different players (against 8,092 in 2021), of which 2,846 were registered for new products; 3,213 increases in existing ones and 2,174 reductions or cancellations due to product withdrawal.

Of the 2,846 commission registrations for new products requested in 2022, Banxico accepted 890 and rejected 1,956; while in relation to increases in existing ones, 1,345 were accepted and 1,868 rejected, that is, 58.1 percent.

In 2021, of the 3,549 commission increase requests, 2,234 were rejected, and in 2020, 3,169 of a total of 4,801 requests.

IFT started with their registration

The Banxico report indicates that in 2022 there was an increase in the number of commission registrations for new products, from 1,250 in 2021 to 2,846 last year, that is, an increase of 128 percent.

The foregoing, he explains, given that in this year the ITF began to register their commissions before the Reco.

In this regard, it details that, as of November 28, 18 ITFs have registered 252 commissions, associated with 101 products.

Records of current commissions

The document indicates that at the end of November, there were 15,477 current commission records in the Reco collection of products, aimed at individuals, a figure lower than the 16,100 at the beginning of December 2021.

These commissions, he points out, correspond to 2,263 products, with sight deposits without or with a checkbook, as well as mortgage loans and credit cards, the ones that register the most commissions.

In March, use of the commission catalog

It should be remembered that, to simplify, order and make the commissions charged by banks and other financial intermediaries more transparent, starting next March, financial institutions will begin to use a catalog of commissions.

The objectives of this, according to the central bank, are to establish a taxonomy, standardize their names, make collection concepts transparent, promote competition and facilitate their analysis, among others.

eduardo.juarez@eleconomista.mx