The complicated path to achieve the most ambitious change in Condusef, after the financial reform

In the more than 23 years of the National Commission for the Protection and Defense of Users of Financial Services (Condusef), the dependency, in charge of looking after the interests of the public that uses the financial system, has had key moments such as the implementation of the r2014 financial reportand now, the provision on records, where it unifies, in a single regulatory body, the obligations of the institutions before this authority.

It was almost a year ago when the body in charge of Óscar Rosado Jiménez uploaded the first draft to the National Commission for Regulatory Improvement; however, having different observations from actors in the financial system, he chose to lower it and lobby in a better way.

In this context, the banks were the first to receive the regulator’s proposal, which shapes the Single Registry Portal (PUR) and by which, financial entities may carry out any procedure before the agency.

The intention of the financial ombudsman is that the organization’s nine systems, through which financial entities provide information to the Condusef, be unified into one.

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However, other entities, such as multi-purpose financial companies (sofomes), through their trade associations, such as Asofom, alleged unequal treatment since many of the rules of the provision were not grounded in their operation.

Months after the first attempt, the Condusef went back up to Conamer the draft, which once again had to be downloaded due to the remarks of other institutions, which went to the same regulatory improvement body to be able to make the pertinent observations.

“We have been attending and listening to recommendations and observations from different financial sectors, not only from the Association of Banks of Mexico, but also from the Mexican Association of Insurance Institutions, the Mexican Association of Popular Financial Companies and Asofom, we have been doing adjustments,” Rosado Jiménez told this outlet last August.

It took almost two more months for the body to finally align, have the approval of the different actors and the provision was published in the Official Journal of the Federation (DOF).

But what does it consist of?

According to what was published today in the DOF, the provision regarding records before the Condusef will regulate, in a single regulatory document, all the records and systems that said commission is in charge of.

With this, the body in charge of Rosado Jiménez foresees the following improvements:

• Through the PUR, institutions will be able to fulfill their obligations on a single platform, remotely, 24 hours a day, 365 days a year.
• The obligation to physically present original documents, certified copies or simple copies is eliminated, reducing operating times and costs.
• It standardizes compliance periods for most records, in order to update them monthly.
• The upload of information from the records can be done through forms and massive uploads, through a more agile and faster procedure.
• Avoid duplication in the presentation of information in different records.
• The Electronic Notification System is established as the communication platform with financial institutions.

For the use of the PUR, the authority will issue the Institutional Condusef Identity Key to the financial institutions and their proxies and authorized parties will issue identity keys, which will be personal, non-transferable, secure and confidential.

Although this provision It will enter into force next Monday, October 17.also provides transitory deadlines for compliance.

For the president of the Condusef, this change in the reception of information by the agency will also have benefits for the user, since once the commission processes the information from the entities faster, it will be able to follow up on complaints or claims more timely. of people against institutions.

It is expected that, with this change, the institutions will provide more clarity in advertising regarding the characteristics of products and services, in addition to being able to identify, and suspend, the information that misleads users.

Said change will impact entities such as banks, insurance companies, popular savings and credit institutions, credit unions, information companies, retirement fund administrators, among others.