📋 Tender Overview
In general terms the various positions were favorable to the Executives proposal valuing the shortening of terms and costs and the possibility of delivering greater competition in the market although they proposed various improvements in order to deliver security to the parties. A broad and intense framework of hearings is being developed by the Economic Commission of the Chamber of Deputies in order to advance the processing of the Executives bill that regulates financial portability bulletin 12909 .The Commission for the Financial Market CMF represented by Commissioner Rosario Celedn said she shared the objectives of the initiative and felt that it could be beneficial both for users consumers and for the financial system as a whole. by increasing the flow of information between institutions increasing the decision-making power of customers and their mobility and promoting competition for delivering better and better value offers among other points.It was argued that the materialization of the expected benefits in terms of cost and time reduction will depend in large part on the operational implementation of the initiative and assessed that a Portability Regulation is essential to operationalize the law.The commissioner considered that although the universe of financial products and services to be considered is wide one would expect a greater impact on loans with mortgage collateral and massive loans automotive for example. In this context he considered that the proposed legal subrogation figure is key to issuing processes related to products with mortgage guarantees.Among other issues he called for clarifying the concept of provider to generate effective coordination between State bodies and Financial Education ensure correct data processing and in the matter of insurance it raised as something relevant that the coverage associated with the credits may be covered in case the client decides to behave to a new provider.Association of Banks and retailThe Association of Banks and Financial Institutions ABIF was represented by its general manager Luis Opazo who in the first place requested that the Portability Regulation that must be issued by the Ministries of Finance and Economy also be endorsed by the CMF .He noted that portability presents complexities associated with products or contingent operations a situation that may lead to the debt payable by the new creditor being greater than that estimated in the settlement certificate. In this event they propose that it be explained that the eventual new bidder may retract from its portability offer.ABIF also called for flexibility in portability terms and to consider that the new credit will not accrue interest for the period elapsed between the holding of said credit and the payment of the initial credit by the new provider. Faced with this last point it is requested to establish that the accrual of interest is made from the acceptance of the credit agreement with the new offeror.In addition among other observations it is suggested to specify that the different procedures and certificates can be performed or recorded in digital media. The financial retail through its executive vice president Claudio Ortiz said assessing and supporting the initiative estimated that the impact on the day to day of credit card users will be less .They proposed establishing criteria for the portability of this financial service in the case of transactions pending charge especially those from international purchases by face-to-face or distance. In addition together with calling for effective regulatory coherence they considered that in order for the general portability system to function operating standards and protocols that regulate and arbitrate the migration process should be established deadlines offers execution of mandates product closure and data deletion etc..In consideration of the operational complexity of the different financial products they proposed the issuance of a specific portability regulation for each type of product Mortgage Loans Automotive Credits Consumer Credit in Quotas Consumer Credit with Credit Cards Current Account etc.It should be done gradually prioritizing its execution in those products whose portability generates more benefit to debtors. The drafting of these regulations should be done by the Ministry of Finance and Ministry of Economy in consultation with the CMF he said.The president of the Organization of Consumers and Users Odecu Stefan Larenas said thatThere is a great interest among consumers to have an effective alternative to change their financial products and services to another financial institution and realize the barriers that exist for the expedited change of supplier in our country. The possibility of changing the supplier of a financial product through a debt refinancing acquires special importance for Chilean homes and small businesses he said in his presentation.Likewise it was valued that greater competition in the financial market be promoted which could result in improvements in the conditions offered to users. What seems most remarkable to us about the project is the decrease in costs and procedures for the clients that the subrogation system entails he said.To avoid any interpretation it was suggested to formally clarify the need for the new supplier to generate and deliver a copy of the adhesion contract complying with the legal formalities. The foregoing since it is necessary to rule out the possibility that in the market the operators may consider that the settlement certificate or portability offer is sufficient.
