Mexico's National Commission for the Protection and Defense of Financial Services Users published the results of its 2025 supervision of five Sociedades Financieras Populares (SOFIPOs) on transparency and information quality for savings accounts for minors. After a two-stage review of contractual documents, customer files, websites and advertising, two SOFIPOs were fully compliant with a score of 10 and one complied partially after remediation. The average score rose from 4.8 in the first stage to 7.9 at the end of the process. The review first identified breaches and notified institutions through a mandatory compliance programme, then assessed whether the firms had corrected the findings and evidenced compliance. Common issues included contracts missing term, renewal, RECA registration or account statement provisions, cover sheets and websites showing commissions not registered in RECO or other required disclosures missing, account statements omitting the covered period, annualised interest information or the peso equivalent of Protection Fund coverage of up to 25,000 UDIS, and advertising that did not match contract terms. CONDUSEF noted that remediation does not exempt institutions from sanctions or other applicable measures.
CONDUSEF2026-05-20
Mexico's National Commission for the Protection and Defense of Financial Services Users reports only two of five SOFIPOs fully compliant after minors savings account transparency review
Mexico’s National Commission for the Protection and Defense of Financial Services Users published results of its 2025 supervision of five Sociedades Financieras Populares on transparency and information quality for minors’ savings accounts, finding two fully compliant institutions and one partially compliant after remediation, with the average score rising from 4.8 to 7.9. The review identified deficiencies in contracts, websites, account statements and advertising, including missing required terms, unregistered commissions and incomplete disclosure of Protection Fund coverage, and stressed that remediation does not exempt institutions from sanctions or other measures.