Rights of the Financial Consumer

Financial Consumers will have, during their relationship with the controlled company, the following rights:

a) In developing the principle of due diligence, financial consumers have the right to receive products and services with quality and safety standards from the controlled companies, according to the conditions offered and assumed obligations of the latter.

b) Have at their disposal, according to the terms established in the present law and other dispositions of special nature, transparent, clear, truthful, appropriate and verifiable advertisement and information on the specific characteristics of the products or services offered and/or supplied. In particular, provided information by the company must be so accurate that it allows and eases its comparison and comprehension according to the different products and services offered in the market.

c) Demand due diligence about provision of services by the controlled companies.

d) Receive adequate education on the different ways of implementing products and services offered, their rights and obligations, as well as the costs generated, markets and type of activity that the controlled companies develop, and the diverse mechanisms of protection established for the defence of their rights.

e) Respectfully issue consultations, petition, requests, complaints and queries before the controlled company, the Financial Consumer Ombudsman, the Colombian Financial Superintendence (SFC) and self-regulation organisms.

f) Others established in this law or other dispositions, and those comprised in the instructions issued by the Colombian Financial Superintendence SFC.

g)  Make anticipated payments in any credit operation in domestic currency without incurring in any penalty or loss of profit compensation, either the quota or balances in total or partial way, with the subsequent liquidation of interests on payday.

Duties of the Financial Consumer

a) Make sure that the company they wish to work with or whose services wish to use, is fully authorised and controlled by the Colombian Financial Superintendence (SFC).

b) Get information on the products or services they want to acquire or employ, looking into the general conditions of the operation; that is to say, rights, duties, costs, exclusions and applicable restrictions to the product or services, demanding necessary, precise and accurate verbal and written explanations that allow an informed decision-making process.

c) Observe instructions and recommendations issued by the controlled company on management of financial products or services.

d) Review terms and conditions of contracts and appendices, as well as preserve copies given of such documents.

e) Get informed on the bodies and media that the company offers to issue requests, queries, complaints or claims.

f) Get a timely response on requests about products or services. 

g) Financial Consumers not exercising own protection practices does not imply loss or lack of awareness before controlled companies and competent authorities. Likewise, it does not exempt controlled companies of special obligations comprised in the present law respect to the financial consumers.

h) Financial Consumers must provide truthful, enough and timely information to the controlled companies and competent authorities in the event the latter request them for the due compliance of their duty and for updating required data.  Likewise, they will inform to the Colombian Financial Superintendence (SFC) and other competent authorities on the companies providing financial products or services and that are not legally constituted or authorised to do so.