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.

Ombudsman´s Information

Principal Financial Consumer Ombudsman: Ana María Giraldo Rincón

Alternate Financial Consumer Ombudsman: Pablo Valencia Agudo

Contact Channels


Business hours: Monday to Friday, from 8:00 a.m. to 6:00 p.m.

Functions of the Financial Consumer Ombudsman

Article 13 of Law 1328 of 2009 establishes the functions of the Financial Consumer Ombudsman, which include:

  1. To provide timely and effective assistance to financial consumers of the respective entities.
  2. To hear and resolve, in an objective manner and free of charge for consumers, the complaints submitted by them, within the terms and procedures established for such purpose, relating to a possible breach by the supervised entity of legal or contractual provisions or internal procedures governing the execution of the services or products offered or provided, or regarding the quality thereof.
  3. To act as a conciliator between financial consumers and the respective supervised entity, in accordance with the terms set forth in Law 640 of 2001, its regulations, or any provisions that amend or replace it. For this purpose, the financial consumer and the supervised entity may submit the matter to the Ombudsman, expressly indicating their desire for the case to be handled within the framework of the conciliation function. In order to perform this function, the Ombudsman must be duly certified as a conciliator in accordance with applicable regulations.
  4. The document evidencing the conciliation reached between the supervised entity and the financial consumer must be signed by both parties and by the Financial Consumer Ombudsman as proof that it was conducted in his or her presence. Such document shall constitute an enforceable title and have res judicata effects, without the need to be filed with a Conciliation Center. Failure to comply therewith shall entitle the complying party to enforce it through the corresponding legal channels.
  5. To act as spokesperson for financial consumers before the respective supervised entity.
  6. To make recommendations to the supervised entity related to services and financial consumer assistance, and in general, on matters falling within the scope of its activities.
  7. To propose to the competent authorities any regulatory amendments deemed appropriate for the improved protection of financial consumers’ rights.
  8. Any other functions assigned by the National Government aimed at ensuring the proper development of the Consumer Service System (SAC).

Matters Excluded from the Jurisdiction of the Financial Consumer Ombudsman

Article 14 of Law 1328 of 2009 sets forth the matters that the Financial Consumer Ombudsman may not hear or process, as follows:

Article 14. Matters excluded from the jurisdiction of the Financial Consumer Ombudsman.

The following matters shall be excluded from the Ombudsman’s review and processing:

  1. Matters that do not correspond to or are not directly related to the ordinary course of the operations authorized for the entities.
  2. Matters concerning the employment relationship between the entities and their employees, or with respect to their contractors.
  3. Matters arising from the status of shareholder of the entities.
  4. Matters relating to the recognition of benefits and disability, old‑age, or survivor pensions, except with respect to issues related to service quality and procedures for their recognition.
  5. Matters that are subject to judicial or arbitral proceedings, or that have been resolved through such mechanisms.
  6. Matters corresponding to the decision on whether to provide a service or product.
  7. Matters referring to events that occurred three (3) years or more prior to the date on which the request is submitted to the Ombudsman.
  8. Matters involving the same facts and affecting the same parties, when they have already been the subject of a prior decision by the Ombudsman.
  9. Matters whose amount, considering all claims in aggregate, exceeds one hundred (100) current monthly legal minimum wages at the time of filing.
  10. Any other matters defined by the National Government.

Filing a Complaint with the Financial Consumer Ombudsman

To file a complaint with the Financial Consumer Ombudsman, the consumer may do so through the channels provided by the Ombudsman’s Office or the Entity, such as email, web forms, in‑person assistance, or written submissions. The request must include, at a minimum, the consumer’s identification, a clear description of the facts, the claims, and, if available, supporting documentation.

No attorney or strict formalities are required, and the procedure is free of charge. Once the complaint is received, the Ombudsman will assess its admissibility and initiate the corresponding process, informing the parties of the applicable procedure, in accordance with Decree 2555 of 2010.

Conciliation Function

In accordance with Law 1328 of 2009 and Decree 2555 of 2010, the Financial Consumer Ombudsman is authorized to act as a conciliator between the parties, provided that there is voluntary agreement and that the matters are subject to conciliation. In this regard, the Ombudsman may promote direct settlement discussions between the financial consumer and the supervised entity in order to achieve a swift, equitable, and final resolution of the dispute.

Within this framework, the conciliation agreement issued by the Financial Consumer Ombudsman, once signed by the parties, produces full legal effects, constituting an enforceable title and having res judicata effect, in accordance with applicable regulations.

Additionally, this mechanism is free of charge, may be requested by either party—the financial consumer or the supervised entity—and may be initiated at any stage of the complaint process.

Spokesperson Function

Within the scope of his or her functions, the Financial Consumer Ombudsman acts as a spokesperson for financial consumers before the supervised entity, in order to submit recommendations, proposals, and observations aimed at improving service quality, protecting users’ rights, and ensuring the proper provision of financial products.