Peru's Superintendency of Banking, Insurance and Pension Funds issued a resolution implementing Law No. 32294 that requires financial sector firms to provide users, upon request, the reasons for rejecting a credit application within seven business days, except where the refusal is based on SBS prudential rules. The measure, which follows amendments to the financial services consumer protection framework introduced by Law No. 32294, specifies that explanations to customers must be delivered through channels previously communicated to them. Missing the seven-business-day response deadline is classified as a minor infringement sanctionable under the SBS infringements and sanctions regime. Firms have 60 days from the resolution’s entry into force to align internal procedures with the updated requirements.
Superintendencia de Banca, Seguros y AFP del Peru 2025-05-09
Peru's Superintendency of Banking, Insurance and Pension Funds sets seven-business-day deadline to explain credit denials and gives firms 60 days to adjust processes
Peru's Superintendency of Banking, Insurance and Pension Funds has implemented Law No. 32294, requiring financial firms to provide reasons for credit application rejections within seven business days, unless based on prudential rules. This consumer protection amendment must be communicated through pre-established channels, with non-compliance considered a minor infringement. Firms have 60 days to update internal procedures accordingly.