Actualidad Peru

Commitment to enhance relations with users

Code of Good Practices for Relations between Financial Institutions and Users

The Peruvian Association of Banks (ASBANC) is making an effort to improve and consolidate relations with users of the financial system. It has drawn up this code of good practices for relations between financial institutions and users (hereinafter “the Code”) so that its member banks can self-regulate on the principles and guidelines contributing to enhance the relationship.

Principles and commitments

The Code identifies five principles: (i) Financial information, (ii) User information, (iii) Customer care, (iv) Security; and (v) Complaint handling. It establishes a set of commitments for the members of ASBANC that wish to have more lasting relations with their users.

These include: i) having financial education policies and/or procedures, which must be periodically reviewed, ii) training employees in financial education matters, iii) providing users with information on their products and services before, during and after the consumer decides to use them, iv) publicly disclosing transparent, true information that is understandable to users, v) continuously improving their customer care  mechanisms and the touchpoints through which the user contacts the banks, vi) giving users access to recommendations on how to use the products and services safely and securely, vii) having mechanisms to foster an equilibrium between the sales targets and the relationship with users.

Self-assessment questionnaire

The Code establishes that companies publish the results of their self-assessment questionnaire in September each year. Starting in 2016, members may voluntarily post these to their websites and the ASBANC website. They may also employ other mechanisms to disseminate and publish the information.

The Code makes the CEO of each ASBANC member responsible for the appointment of an officer to draw up the self-assessment questionnaire to assure that it complies with these principles.