Dominican Republic's Superintendence of Banks opens consultation on Monetary Board draft overhaul of financial user protection rules

The Dominican Republic's Superintendence of Banks has invited financial sector professionals and the public to comment on a Monetary Board proposal to comprehensively reform the 2015 Regulation on Protection of Users of Financial Products and Services, aimed at strengthening consumer protection in the financial system. The draft would tighten controls over the design of financial products, marketing offers and advertising, and standardise terminology for rates and fees to improve comparability. It also envisages new user rights and conduct requirements, including allowing customers disputing unrecognised transactions to withhold payment while a claim is under review, extending the time limit for filing complaints with the Superintendence, and introducing a post-signature period for users to withdraw from adhesion contracts. Further measures proposed include banning administrative barriers to cancelling or switching products, prohibiting clauses that allow arbitrary interest-rate changes, restricting product bundling where it could harm users’ finances, making financial intermediation entities responsible for the conduct of representatives and outsourced debt-collection parties, and creating a specialised function to supervise firms’ conduct toward users. The full text is available on the Superintendence of Banks and Central Bank portals, and comments can be submitted through the Central Bank or the Superintendence of Banks.