Peru's Superintendency of Banking, Insurance and Private Pension Funds (SBS) has published a draft regulation to amend its market conduct management rules and its rules on commissions and expenses in the financial system, with changes spanning product and service commercialisation, information transparency, communications around significant events affecting users, and credit repayment processes. The draft would add obligations for financial institutions to design and market products and services with the intended target audience and user experience in mind, and to strengthen requirements for contracting through digital channels by providing information that is clear, visible and easy to access. It also proposes timely user notifications for events that may affect them, including service channel disruptions, cybersecurity incidents with user impact, and events that harm customer account balances or credit lines, with mass communications within 24 hours of the institution becoming aware of the event and, for events other than channel disruptions, direct communications to affected users within 10 business days including information on the event and actions taken. On payments of credit obligations, the receiving institution would need to disclose any applicable charges, by concept and amount, before executing the transaction through the channel used, and the creditor institution would be prohibited from charging commissions for repayments made through its own channels; the draft also proposes a free certificate confirming regularisation of overdue debt payments, issued or made available upon request within seven business days to align with Law No. 32327. Comments and suggestions can be submitted until 7 February.

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