Financial Consumer Advocate

Who is the Financial Consumer Advocate?

The Financial Consumer Advocate is a spokesperson in charge of knowing and solve non-conformities issued by the financial consumers of the company for which he was appointed, in accordance with a possible of non-compliance by the company, within its competence. Likewise, its role implies undergoing recommendations, proposals and requests to the corresponding company.  

One of its principal features is its autonomy and independence from the controlled companies; therefore, it is not an internal area of the company. 

The service given by the Financial Consumer Advocate is free and must be objective facing requests of the financial consumers of the companies it has been appointed to. 

The image of the Financial Consumer Advocate, in accordance with Law 1328 2009, is obligatory for controlled companies by the SFC (Spanish Initials for Colombian Financial Superintendence). According to that, Decree 2555 of 2010 considers all the procedure in the development of assigned functions, so that it may act as a protective mechanism of its rights within its competence

Functions of the Financial Consumer Advocate

Article 13 of Law 1328 2009 establishes the following functions of the Financial Consumer Advocate:

a) Timely and effectively respond to all financial consumers of the corresponding companies. 

b) Know and solve for free and objectively to all consumers, complaints issued by them, within terms and procedures established for that purpose, relative to a possible non-compliance from the controlled company of the legal, contractual norms or internal procedures that rule the execution of services or products offered or provided, or related to their quality. 

c) Act as a conciliator between financial consumers and the corresponding controlled company in the terms stated in Law 640 of 2001, its regulation, or in norms that modify or substitute them. To that effect, the financial consumer and the controlled company may make public knowledge of the matter to the corresponding Ombudsman, expressly indicating their desire to make the case be solved in developing the function of conciliation. For the exercise of this function, the Ombudsman must be certified as a conciliator, according to applicable laws.

The document in which such conciliation between the controlled company and the financial consumer features, must be undersigned by them and the Financial Consumer Advocate as a sign it was developed in its presence, will show direct enforcement and will have condition of res iudicata, without issuing to the Conciliation Centre. Non-compliance of the latter will concede power to the complied party to make it enforceable by the corresponding legal means. 

d) Be a spokesman of the financial consumers before the corresponding controlled company. 

e) Exercise recommendations to the controlled company related with services and the financial consumer service, and in general in matters framed in the area of its activity. 

f) Propose to the corresponding authorities the legal modifications that are suitable for the better protection of the financial consumers’ rights. 

g) Others assigned by National Government and having the purpose of adequate development of the SAC.

Matters not being of the Financial Consumer Advocate knowledge

The Financial Consumer Advocate has no competence for knowing the following matters, which are comprised in article 14 of Law 1328 of 2009:

a) Those not corresponding or are not directly related to the ordinary course of operations authorised to the companies. 

b) Those concerning the employment relationship between the companies and their employees or respect to their contractors. 

c) Those derived from the condition of being a shareholder of the companies. 

d) Those relative to acknowledging social benefits, disability, retirement and survivors pensions, except in aspects related to quality of service and the procedures acknowledging them. 

e) Those referring to matters under legal or arbitral procedure or being solved by these means. 

f) Those corresponding to the decision on a service or product provision. 

g) Those referring to matters occurred within three (3) or more years prior to the date the request to the Advocate was issued. 

h) Those having the same object of the facts and affecting the parties when they have been object of prior decision by the Advocate. 

i) Those whose amount, summed all concepts surpasses a hundred (100) monthly minimum legal wages at the moment of their issuing.

j) Others defined by the National Government. 

Complaints issuing procedure before the Financial Consumer Advocate

Complaint and/or suggestion must be issued in WRITING directed to the Financial Consumer Advocate, stating complete names, Id, city and physical or electronic address, description of facts and rights to be considered violated or aspects to be improved, as the case may be, and the expected solution. 

Once the complaint is ADMITTED, it will be issued to the company, so that the latter provides the information related to its case to the Advocate, and states its position and arguments in which it is founded within a period of eight (8) labour days. Once the company provides the corresponding information, the Financial Consumer Advocate has eight (8) labour days to answer its complaint.

Conciliation request before the Financial Consumer Advocate

You may, if you wish so, request a conciliation hearing at any stage of the process, according to what is comprised in numeral 11 of article 2.34.2.1.5 of Decree 2555 of 2010 and Law 640 of 2001. 

To that effect, we inform that the conciliation request is a free process and may be carried out directly before the Financial Consumer Advocate, who serves as conciliator in accordance with applicable norms. 

Moreover, it is important to clarify that, the prospective agreement to which the company and the Financial Consumer arrive to, become res iudicata, that is to say, that is considered equal to the sentence of a Judge of the Republic. Moreover, the document the conciliation agreement is registered, will show direct enforcement so that, its non-compliance will give the complied party the right to make it demandable by means of an executive procedure.  

Financial Consumer Advocate contact

For ASHMORE INVESTMENT ADVISORS S.A TRUST COMPANY the Doctor Ana María Giraldo Rincón has been appointed the principal Financial Consumer Advocate.

You may use as a financial consumer before the Financial Consumer Advocate, the following channels: 

Ana María Giraldo Rincón (Financial Consumer Advocate - Principal)

Pablo Valencia Agudo (Principal Financial Consumer Advocate - Alternate)

Carrera 10 No. 97A-13 (502)
Bogotá D.C.
Colombia 
Phone Number: +57 601 6108164
Website: www.legalcrc.com
Email:  defensoriaashmore@legalcrc.com

Public Service opening hours: Monday to Friday 8:00 a.m. to 6:00 p.m. short working day. Phone Number: +57 601 6108164.