Peru's SBS mandates financial institutions to timely warn customers

The Peru Superintendency of Banking, Insurance, and Pension Fund Administrators (SBS) has introduced significant changes to the banking sector by approving new obligations for financial institutions, aimed at strengthening the protection of users within the banking system. These changes were formalized through SBS Resolution N.° 01741-2026, published in the Official Gazette 'El Peruano', which modifies market behavior management and regulations on commissions and expenses in the financial system. This decision initiates a new era in the financial sector to protect consumer rights and increase transparency, while also clarifying the responsibilities of institutions towards their clients. With the new regulation, standards regarding service quality and information sharing for banks and other financial institutions are being redefined.

One of the most striking provisions of the new regulation is the obligation for financial institutions to issue warnings about events that could negatively affect customers. Accordingly, institutions are required to inform users in the event of interruptions in service channels, cybersecurity incidents directly affecting customers, or situations harming account balances and credit limits. This communication must be made via mass media channels within 24 hours of the event being discovered. For situations other than service interruptions, institutions are granted 10 business days to notify customers of the event details and measures taken. This provision forces financial institutions to be more cautious by prioritizing the speed and transparency of information to prevent customer grievance.

The decree also introduces new rules regarding the presentation of financial products and services and contract processes, regulating digital banking and payment habits. Accordingly, financial institutions must consider the target audience when designing and marketing products and services, ensure independence between different services, and guarantee the freedom of choice for users. In contracts made through digital channels, information must be clear, visible, and easily accessible so that users can make informed decisions. Additionally, in cases where a credit debt is paid at an institution different from the lending institution, the receiving institution is required to disclose the amount and nature of the commission to be applied prior to the transaction, thereby making users aware of potential costs.

Regulations regarding customer service have also been comprehensively renewed, introducing an obligation for financial institutions that offer services based on automated systems to provide an alternative personal service involving human interaction. This provision emphasizes that access to human support is important when needed, alongside the conveniences provided by technology. Furthermore, financial institutions must, upon user request, prepare or provide a document certifying the regularization of overdue debt payments within seven business days without any charge. This practice aims to prevent citizens who fulfill their financial obligations from incurring additional costs when proving it.

In conclusion, this new legal framework introduced by the SBS aims to create an environment in Peru's financial system where consumer rights are prioritized. The goal is to create a market where customers are informed about cybersecurity threats, offered more transparent conditions when purchasing products, and provided with a system where commission justice is ensured when paying debts. Prepared in accordance with Laws N.° 31601 and N.° 32327, these regulations expect financial institutions to act not merely as profit-driven commercial enterprises but as public service providers with social responsibility. These changes will increase the confidence of banking users in Peru, contributing to a healthier and fairer structure of the financial economy.