Financial Reform Law No. 1328

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This Law establishes the principles and rules protecting financial consumers and entities supervised by the Financial Regulator of Colombia. 

The first section refers to the protection regime of financial consumers. It states consumers' rights, which include: due diligence, access to information, education, claims and complaints. Supervised entities must deliver accurate information, extend products according to the quality standards under which they were offered, and provide all resources to ensure their efficient operation.

The Law states the conditions under which the National Government may intervene in the financial market. Among others, the state may: establish pertinent rules for the management of accumulation periods for pension funds, determine indicators to infer the financial state of an entity, and provide rules determining the levels of information which customers can access.

Later chapters establish the structure of the financial system, including financial service societies and microcredit institutions (MFI). They also provide guidelines for the management of financial institutions’ collateral fund.

Document Details

Title (Non-English): 
Ley de Reforma Financiera No. 1328
Document Type: 
Document Topic: 
Doument Author (Entity): 
Authoring Country: 
Originating Country or Trade Block: 
Issue Status: 
Year of Document: 
2009
Date of Document: 
Wednesday, July 15, 2009
Document Authors: 
Congress of Colombia
Language (This Document): 
Spanish

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