Financial consumer

Law 1328 of 2009 establishes the Financial Consumer Protection Regime, including within the concept of financial consumer, any person who is a consumer in the financial, insurance and stock market system. 

For all purposes, Article 2, Chapter 1 of Title 1 of Law 1328 of 2009 states the following definitions: 

a) Client: It is the individual or entity with whom the supervised entities establish relationships of legal or contractual origin, for the supply of products or services, in development of their corporate purpose. 

b) User: It is the individual or entity who, without being a client, uses the services of a supervised entity. 

c) Potential Client: It is the individual or entity that is in the previous phase of preliminary negotiations with the supervised entity, regarding the products or services offered by it. 

d) Financial Consumer: It is any client, user or potential client of the supervised entity. 

Principles

a. Due diligence: the company will employ all due diligence in offering all its Products and Services to the Financial Consumers in order for them to receive due and respectful information and/or attention, not only in the development of the relationships established with them but also in the normal progress of operations.

Such operations must be ruled at all times by the satisfaction of the Financial Consumer’s needs and the obligations agreed.

b. Freedom of choice: notwithstanding special dispositions imposed by the duty of supplying determined Product or Service, the Company and the Financial Consumers will be able to choose freely their respective counterparts when holding contracts through which the supplying of Products or the provision of Services are set out according to what the first offer. Denial in the provision of a Service or the offering of a Product must be supported in objective causes and unjustified treatment to the Financial Consumers must not be established.

c. Transparency and certain, enough and convenient information: the Company must supply Financial Consumers with certain, enough and convenient information allowing them to adequately know their rights, obligations and costs in the relationships  established with supervised entities.

d. ASHMORE’s responsibility in processing complaints: the Company will deal timely and efficiently, with established conditions according to applicable regulations with all complaints and requests issued by the Financial Consumers and, by identifying their origin causes, design and implement convenient and continuous actions for necessary improvement.

e. Adequate management of conflicts of interest: ASHMORE must manage conflicts appearing in the development of its activity between its own interests and those of the Financial Consumers , as well as those appearing between two or more Financial Consumers’ interests, in a transparent and impartial way, safeguarding that the interest of the Financial Consumers prevail, notwithstanding other applicable regulations.

f. Education for the Financial Consumer: the Company, through trade associations, consumers associations and public institutions that carry out intervention and supervision of the financial sector, as well as self-regulatory bodies, will ensure adequate education for Financial Consumers respect to financial Products and Services, respect to Products and markets they act in, as well as diverse mechanisms establish for the defence of their rights.

g. Disabled Financial Consumers: the Company has established specific measures relative to disabled Financial Consumers’ attention, protection and respect. Such measures must include policies, procedures and related aspects with adequate attention taking into account these Consumers’ conditions and which are developed further in the present Manual.