> Posted by Kelley Mesa
The latest edition to the Consumer Protection Library provides an overview of the legal and regulatory for consumer protection in Peru.
Here’s the executive summary:
As one of the fastest growing economies in Latin America, Peru has experienced remarkable and sustained economic growth since the early nineties. The economic changes Peru has experienced during this time have directly affected its consumers. Consequently, Peru has strived to strengthen its consumer protection framework. The enactment of a Consumer Protection Law in 1991 pushed consumer protection into the spotlight for the businesses and people of Peru.
- Peru’s General Law of the Financial and Insurance Systems includes statutes that strive to protect clients through provisions demanding privacy and avoid over-indebtedness of the financial services client.
- The Consumer Protection Law for Financial Service Clients establishes a strong framework that calls for transparency, ethical staff behavior, privacy of client data and mechanisms for redress of grievances.
- SBS, Peru’s Banking Superintendent, seeks to minimize consumer grievances through preventative measures, while INDECOPI and DCF are among the agencies providing mechanisms for the redress of client grievances.