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Thursday, March 30, 2023

The BCRA deepens monitoring of banks and fintechs after complaints and claims from users

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In order to protect users of financial services, prevent errors or breaches and promote best practices in the matter, The Central Bank (BCRA) indicated that it has been advancing in the monitoring of regulated entities based on the complaints and claims they receive daily.

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In this way, it seeks to promote that financial institutions, credit card issuers and non-financial credit providers (fintechs) incorporate preventive actions, reinforce the protection of the basic rights of users of financial services, and minimize incidents that may harm them. It also adds from March 2023 to the Payment Service Providers that offer payment accounts and the Payment Service Providers that perform the initiation function and provide the digital wallet service.

Among other measures, since 2020 the Board of Directors of the monetary institution launched a series of actions with an impact on users, among others: fcapped credit card rates; it reinforced the responsibility of banks in the loans they grant through electronic channels; improved security in electronic payments; and forced financial institutions to have a text-to-speech player in home banking and mobile banking.

At the same time, as part of its user protection policy, the BCRA said that regularly issues advice and recommendations to publicize rights and warn how to prevent potential scams or abuse.

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The user protection model focuses on prevention based on a systemic analysis of the problems. In the face of complaints, it seeks to reach the causes that caused them to activate actions, not only for prompt resolution, but also to prevent their recurrence.

It should be remembered that in addition to continuously monitoring the actions of regulated entities, it assists users by making information available through its website, which includes forms where users can enter their queries, complaints or claims not resolved by the entities. It also has the twitter account @BCRAUsuarios used to answer questions related to regulations and channel any inconvenience that may arise.

In the face of a disagreement with the service or attention of an entity, it is important to take into account that the first instance of claim must always be made before the entity with which it operates or where the inconvenience occurred. Once the procedure has been entered, by regulation, the entity has 3 business days to provide the person with the number assigned to their claim and a maximum period of 10 business days to provide a response.

It is also important to remember that by provision of the BCRA, each entity is obliged to designate a person responsible for attention to users of financial services, who will be in charge of ensuring adequate attention. The person in charge works as a second instance within the same entity, so it is possible to resort to him when difficulties are detected in resolving the case raised.

After the 10-day period has elapsed, if the response is unfavorable or does not meet their expectations, users can enter the “unresolved claims” form available on the Central Bank’s website.

The response, at this claim stage, will again come from the entity involved or from the Consumer Defense, as appropriate. The entity in question re-analyzes the case and must report to the Central Bank the resolution stating the notification to the user and the reference to its derivation from the BCRA.

Step by step to file a claim with banks or fintechs

In summary, the suggested path to problems with an entity is the following:

• Always make the claim in the entity and request the procedure number.

• Know that there is a person in charge of customer service in each entity and that they can be contacted – their details appear on the website of each entity and on the BCRA website https://bcra.gob.ar/BCRAyVos/Responsables_en. asp.

• If the response to the claim was not favorable or you do not agree with it, an unresolved claim can be filed with the BCRA, using the form available on the BCRA website https://bcra.gob. ar/BCRAyVos/Usuarios_Financieros.asp and complying with the requirements indicated therein. Here begins a second instance monitored by the BCRA, where the entity reconsiders the case and it is the entity that will provide a new response.

• You can also enter the procedure at the single window of the National Directorate for Consumer Defense https://www.argentina.gob.ar/servicio/iniciar-un-reclamo-ante-la-direccionnacional-de-defensa-del -consumer-and-arbitration-of. For years the Central Bank has been carrying out this policy, columned in the search for three basic objectives (the 3 “Ps”): protect users of financial services with respect to the actions of entities; prevent in the entities, situations of errors or frequent non-compliance; and promote best practices for the benefit of users

Source: Ambito

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