Annual Report 2012 (General Law Article 353º)

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2 1 Annual Report 2012 (General Law Article 353º) Letter from the Superintendent... 3 I. Institutional management report SBS s contribution to addressing national issues Pension System Reform... 5 a. Issues... 5 b. Proposed regulations and progress made... 6 c. Medium term outlook The New Insurance Contract Law - Law N a. Issues... 8 b. Regulatory proposal... 8 c. Medium term outlook The financial inclusion agenda: Financial education a. Issues b Proposals and initiatives Protecting financial system consumers a. Issues b. Proposals and initiatives c. Control and oversight initiatives Money laundering and organized crime: UIF and the National System for Prevention of Money Laundering and Terrorism Financing (LAFT) a. Issues b. Progress in the National Plan c. Outcomes of UIF initiatives in Regulating social and environmental risk management in the financial system.. 22 a. Issues b. Proposals and initiatives Institutional highlights Preserving the national financial system s strength a. Adopting Basel III liquidity standards b. Changes of macro prudential regulations relating foreign currency positions... 25

3 c. Incentives to improve credit risk management for consumer and mortgage loans d. More risk-sensitive operational risk reports e. Operations Risk Central. First implementation stage Strengthening the supervision system s operational capacities a. Financial and logistics management b. Human resources management c. International affairs and training d. Information and communication technologies. Management highlights II Evolution of regulated systems Financial system a. Banking companies b. Financial companies c. Municipal credit unions d. Rural credit unions (CRAC) e. Small and micro companies development entities (edpyme) Insurance system Private Pension Fund System (SPP) III. Financial statements

4 3 Letter from the Superintendent In 2012, SBS fully complied with its mandate to protect the interests of the public and defend the economic and financial strength of supervised entities. Its efforts contributed to lay stronger foundations for Peru s economic growth and promote better living conditions for Peruvians as a whole. Strong macroeconomic foundations and the positive performance of Peru s economy, together with prudential regulations and risk-based supervision, contributed to the financial system s continued strong indicators, and continued growth of credit, particularly mortgage loans, and financing for small and intermediate companies, in parallel with improved solvency. To December 2012, system banks had built a cushion exceeding 7 billion nuevos soles to face potential contingencies. This state of affairs required SBS to strengthen its prudential requirements and a more detailed monitoring of the criteria used by the system for awarding credits. SBS modified its liquidity regulations as well as its limits to foreign currency positions, in line with Basel III recommendations. It also introduced incentives for better mortgage and consumer loan risk management, and moved forward to implementing the Operations Risk Central. As regards improving the conditions for growth, SBS has recently intensified its role in the reform of the pension system, the fight against money laundering and organized crime, and in advancing regulatory proposals for the improved management of conflicts related to socio-environmental issues. SBS is also contributing to accomplish social objectives, including furthering financial inclusion, and ensuring greater transparency and protection of financial system users rights. Since the enactment of the Insurance Contract Law, it has accepted additional responsibilities in helping to improve coverage for personal and property risks. In addition, SBS has taken an active leadership role in the Financial Intelligence Unit (Unidad de Inteligencia Financiera, UIF) through the Technical Secretariat of the National Plan against Money Laundering and Terrorism Financing. UIF initiatives have contributed to improve the operative capacities of the system to prevent money laundering and terrorism financing (LAFT is the Spanish acronym), and to raise international cooperation resources for training activities and developing a platform for supervising regulated entities and individuals. The regular oversight tasks and special activities resulting from regulatory changes require an ongoing review of our organization s structure, and improved financial and management systems, information and communications technologies, training programs and follow up of international cooperation assistance to strengthen SBS. SBS s team is committed to strengthen these efforts and preserve its leadership in prudential and financial inclusion issues.

5 Strategic Plan Guidance SBS has identified the following objectives for its Strategic Plan: Strengthening the oversight and regulatory framework in line with best international practices and supervision principles. SBS will continue preparing the methodology and regulations required, and adopting international standards and best practices, to enhance the Superintendence s preventive oversight. Strengthening the national financial system, by proposing strategies and coordinating the enforcement of State policies, regulations and procedures against money laundering and terrorism financing, based on best international practices. The Superintendence will continue improving internal processes for the inspection of suspect transactions, implementing the new roles given to the UIF, act upon the recommendations of the Financial Action Task Force self-evaluation within SBS s field of competence, and support the Cross-agency Executive Committee against Money Laundering and Terrorism Financing (CONTRALAFT). Leading the process to enhance financial education and inclusion. With a view at enhancing financial inclusion in Peru, the Superintendence will continue its initiatives to help citizens gain a greater knowledge of supervised systems, develop the skills needed to review and compare financial products and services, improve financial information transparency, and open new communication channels with the people. Consolidating SBS s image and positioning. SBS will continue to sign international cooperation agreements aimed at building a stronger oversight agency, disseminating our experience in international events and forums, provide technical assistance to other regulators, and respond to their requests for technical assistance. In the local scene, we will seek to increase the SBS s awareness among citizens and to position our organization as a benchmark organization for the oversight of banks, and insurance and pension fund administration companies, as well as for money laundering and terrorism financing prevention and detection. We expect in this manner to contribute to improve Peru s country image worldwide. Improving processes efficiencies. SBS will continue to streamline its processes, introduce better technologies for electronic document management, and improve our Internal Control System. These initiatives will allow SBS to enhance its services to its external and internal clients. Strengthening our human capital management system. The Superintendence will continue developing personal career lines and introduce a talent and knowledge management system, to further incentivize and strengthen identification of our workers with our organization.

6 5 I. Institutional management report 1. SBS s contribution to addressing national issues SBS is mostly known for its prudential oversight and protection of financial users. However, the impact of its activities goes well beyond regulated systems and contributes significantly to addressing the major challenges presently faced by Peruvian society. In 2012 SBS efforts contributed to assure more just pensions and mobilize greater resources for the long term development of Peru s economy, thanks to the Superintendence s support to the pension system s reform. Likewise, it contributed to expand business and consumers risk coverage by supporting the enactment of the Insurance Contract Law. Additional contributions included contributing to enhance financial decision making among vulnerable populations through its financial inclusion and education agenda; improving transparency and protecting financial system users rights; honoring the country s commitment to fight money laundering and organized crime through actions undertaken by the Financial Intelligence Unit (UIF is the Spanish acronym); and providing better tools to manage conflicts relating to social and environmental issues, through proposed regulations based on the best international practices. In this manner, SBS has confirmed its commitment to accomplish the stability, transparency and financial inclusion goals that helped to consolidate Peru s economic and social achievements of recent years. 1.1 Pension System Reform Twenty years after the Private Pension System (SPP is the Spanish acronym) was established, certain significant elements required to be changed for the benefit of its members. When the Private Pension System Reform Law was enacted in 2012, the SBS was charged with putting in place a better performance tracking framework with which to ensure improved coverage of the needs of people at the end of their life cycle. a. Issues The main issues identified in the past performance of the Private Pension System (SPP is the Spanish acronym) include the following: Poor alignment between the interests of members and AFPs (Pension Fund Administration Companies, or AFPs in Spanish). This poor alignment was reflected in the gap between pension fund yields and AFPs earnings. Poor competition and need to improve the AFPs shared operating processes. These factors resulted in commissions that remained almost unaltered over time (on average, they were even 9.8% higher than the average commission charged when the system was first established). The last AFP to join the system was Prima AFP in 2005, which later absorbed Unión Vida in In addition, each AFP independently manages collections, accreditations, default contribution collections, pension payments, affiliations and others. Centralizing these processes under one single entity may result in significant economies of scale.

7 6 Low pension coverage. The population protected by a pension system is still small and most of the people will not have retirement coverage. This is a particularly serious prospect for freelancers and micro and small enterprise workers, a significant number of whom are not affiliated to a pension system. b. Proposed regulations and progress made On July 20, 2012, the Executive Branch enacted Law N 29903, the Private Pension System Reform Law to accomplish the following fundamental goals: i) Align the interests of members and their AFPs so they can both benefit from the system; ii) Enhance members participation in fund administration and management; iii) Include new market players to increase competition and foster more competitive pricing; iv) Improve investment schemes, in addition to establishing an even more conservative fund for members reaching 65 years of age; and v) Foster greater pension inclusion through the compulsory affiliation of independent workers under 40 years and putting in place a pension scheme for SMEs workers. Pursuant to the law s considerations, competition and pricing issues should be addressed in the short run so immediate benefits would be available for SPP members. To accomplish these objectives and as an initial step in implementing the Reform, on September 13, the process started to allocate members to the company bidding the lowest commission fee, with Prima AFP winning the allocation process. This first reform step contributed to reduce the average commission charged by AFPs by 8%. Subsequently, SBS called the First Tender for Individual Capitalization Account Service under the combined fee scheme. This call, made on December , added AFP Habitat to the market. Their proposed fee was 66% lower than the average fees charged before the tender. Equivalent fee charged by management companies (*) (*) AFP Horizonte AFP Integra AFP Prima 1.62 AFP Profuturo 0.60 AFP Habitat Equivalent fee: A method that compares combined fees expressed as wage-based fees.

8 7 AFP Wage-based fee before the Reform Wage-based fee after Allocation AFP s fees Wage-based fee after Tender Wage-based fee Combined fee Balanced-based annual fee Profuturo Horizonte Integra Prima Promedio 2.14% 1.95% 1.80% 1.75% 1.91% 2.10% 1.89% 1.74% 1.60% 1.83% 1.84% 1.85% 1.74% 1.60% 1.76% 1.49% 1.65% 1.55% 1.51% 1.55% 1.20% 1.40% 1.20% 1.90% 1.43% Habitat (under organization) 0.47% 1.25% Average including Habitat 1.33% 1.39% Incentives to sustain this trend, after successive auctions, were included in the Reform Law and in subsequent Superintendence s regulations. Introducing a combined fee should result in a gradual change from the wage-based commission charge scheme to a balance-based annual fee that better aligns the members and AFPs interests. In turn, this will result in larger members liquid balances they can use to increase their voluntary contributions, and to earn higher returns on pensions, as a consequence of the above mentioned alignment and implementing a mechanism to review fees every 2 years. Concomitant benefits, including transparent calculation of net yields, will facilitate interpreting the member funds earnings (yields) and the expense incurred in obtaining them (cost). In addition to contributing to accomplish the Reform s goals in regards of transparency and information for members, the Superintendence has created in its user portal a Fund Status Report tool. This application targets workers who are not making new contributions and the relatives of deceased members who have no way of knowing if their deceased relatives were AFP members. The application includes an advisory service so AFPs can quickly reach out to their members to provide guidance or advice over issues of concern to their members. In regards of investment, Law N establishes AFPs can now manage four types of mandatory contribution pension funds. In addition to existing funds 1, 2 and 3, AFPs may manage a type 0 Pension Fund or a Capital Protection Fund. This last fund will aim at preserving the value of the members worth through stable, very low volatility growth, within the established investment caps. This type of fund aims at reflecting the profile of members who plan to retire as SPP pensioners when they turn 65 years old. c. Medium term outlook In addition, the next steps in Reform implementation will be aimed at: i) centralizing the Payments, Reconciliation, Accreditation and Pension Payments to reduce AFPs costs and improve efficiencies; ii) enacting the mandatory affiliation of independent and micro enterprise workers, so more people will be included in some kind of pension scheme to ensure their old age pensions; iii) call the Collective Tender for Disability and Survival Insurance; and iv) authorize investments in new tools while improving risk management.

9 8 1.2 The New Insurance Contract Law - Law N Peru is a developing country characterized by major geographic diversity and a population exposed to cyclical risks associated to earthquakes and the El Niño Southern Oscillation. A modern and efficient insurance system should assure appropriate coverage for such risks that result in major economic losses and hamper living conditions among lower income people. The lack of an appropriate regulatory framework significantly accounts for the low penetration of insurance nationwide. In 2012, the Insurance Contract Law was enacted giving SBS new responsibilities to improve people s access to insurance products. a. Issues Initially, insurance contract regulations were comprised in the provisions of the 1902 Trade Code and scattered in various articles in the Financial and Insurance Systems General Law (Law N 26702); decisions of the Superintendence of Banking and Insurance regulating the minimum amounts of insurance policies, premium payments and other relevant issues; and the 1984 Code of Civil Procedure. After over 20 years since the beginning of a number of studies and projects to prepare the Insurance Contract Law, a new regulatory framework is finally now in place. Previously, insurers were affected by the absence of a specific legal framework that would determine the rights and duties of the parties to the Insurance Contract and regulate elements pertaining to the specific nature of insurance contracts. This delay has hurt the security of the relations stemming from insurance product contracts and allowed the continuation of opaque contract terms and abusive clauses that hamper market development. The insurance policy was the main source of the rights and obligations stemming from the insurance contract. The Trade Code allowed including unlimited successive modifications to insurance policies and, in addition, provided the Contract was governed by any licit agreements included in the policy itself. Likewise, Code provisions cancelled Insurance Contracts in case of demonstrated bad faith by any of the parties thereto; but also in cases of mistaken statements, omissions or hiding of facts by the insured, even if done in good faith. In an environment of unfettered competition, insurance companies were free to establish their policies conditions, generally, without taking into account that certain types of mass insurance require a special approach to safeguard the interests of financial services users. Such state of affairs created an urgent need to enact the Insurance Contract Law and prevent the further spreading of abusive clauses and inappropriate business practices that placed users at a disadvantage vis-à-vis insurance companies. In this regard, the Insurance Contract Law is a major step forward, both for protecting the rights of contracting parties, both insurance-holders and their beneficiaries, as those of companies bent on competing with products that meet the protection needs of Peruvian people. b. Regulatory proposal The Insurance Contract Law underscores the protection of the insured s rights, regarded as the weaker side of the contract, and who therefore require a special

10 protection framework. In its first chapter, the law includes general provisions applicable to all kinds of insurance and, as a complement, to mandatory insurance and insurance subject to special regulation. Additionally, it describes the principles governing the Insurance Contract and the rules for interpreting it, with a view at ensuring the appropriate enforcement of insurance terms. The law defines the Insurance Contract as the contract whereby the Insurer is obliged, through acceptance of a premium, for risks covered by the insurance, to indemnify the insured within agreed limits for the damages suffered, or to provide a capital, rent or other agreed benefits. In addition, it recognizes the mutual consent principle governing the Insurance Contract, which is deemed as executed from the moment both parties consent to it, even if no policy has been issued or a premium paid yet. Nevertheless, it states that in principle the insurance contract must be demonstrated through a written document, although other types of evidence are acceptable. Likewise, it establishes the hiring party s obligation to pay the premium from the moment of contract signing. The law has expanded the minimum contents of the policy that were required by previous regulations. Likewise, it regulates significant elements of the relationship between the insurance company and the insurance taker or insured, including the renewal of the insurance contract; reticence or inaccurate statements; insurance contract conditions and consequences; requisites to be included in the insurance application; obligation to obtaining the insured s prior consent to modify policies; claim management and payment, including mandatory delays; and controversy solution mechanisms and other considerations to guarantee respect for the insurance system users rights. Special mention must be made of the law s requirement that personal, mandatory and mass insurance policies must comply with minimum conditions approved by the Superintendence, including forbidding policies contravening the law or the minimum approved conditions. The law also determines the corresponding sanctions for offenders. Another important element worth underscoring is the regulation of so-called abusive clauses, defined as non-negotiated provisions that even if not challenged by this Superintendence, result in harm to the policy-holder or a major imbalance between the rights and duties of the parties to the insurance contract. The law specifically regulates cases where these provisions apply. Likewise, it lists the conditions or types of clauses banned from insurance contracts, such as those whereby policy holders and/or beneficiaries waive a jurisdiction and/or law beneficial to them; clauses establishing prescription terms that do not match existing regulations; clauses prohibiting or restricting the insured s right to have recourse to judicial, arbitration or other controversy resolution schemes; clauses establishing the insured s and/or beneficiary s loss of rights for failing to pay charges incommensurate with the claim, among others. Furthermore, the law also determines the prescription terms for insurance matters, and according to which actions based on an insurance contract will prescribe after 10 years as from the date when the loss occurred, excepting insurance that covers the risk of individual death, in which case, the term for beneficiary s prescription period will be counted as from the latter s knowledge of the existence of such benefit. 9

11 In addition, the law includes specific provisions for certain types of insurance, including the guarantee insurance and third party liability insurance, for insurance against property damage; and as concerns personal insurance, it regulates certain components of life insurance, including the rights of life insurance policy takers; health insurance, regarding which it regulates the treatment of coverage for preexisting conditions; and personal accident insurance. 10 c. Medium term outlook In the first half of next year, the Superintendence will focus on developing regulations for appropriate enactment of the Insurance Contract Law, including, in principle, specific issues that, as mandated by the Law, must be regulated by the Superintendence. These issues include the minimum contents of insurance policies and the coverage summary; use of electronic policies; identification and prohibition of abusive clauses and practices; delays in informing the insurer of losses occurred, by type of insurance; limits above which arbitration can be agreed upon, after the loss; health insurance and treatment of preexisting conditions, and others. To enact the law, SBS has created 3 task forces to prepare the required regulatory proposals, conditions to enhance transparency for the benefit of insurance-takers and adapting the insurance companies operating processes. A particular area of interest for SBS is the way existing products will be adapted to the new regulatory framework. This effort involves building institutional capacities to discharge new responsibilities for identifying abusive clauses and administrative approval of conditions included in insurance policies. The law blazes the trail toward a new insurance market that will guarantee full respect for the insured s rights, and recognizes insurance creates ways to provide people and companies the greater security and safety they need to engage in their daily activities. 1.3 The financial inclusion agenda: Financial education Financial inclusion is defined as access and use of appropriate financial services by all segments of the population. The Superintendence has adopted as a strategic objective to foster greater financial inclusion in Peru. Moreover, it understands financial education is a fundamental pillar to accomplish such objectives and regards it as an asset people must build and enhance throughout their lives. a. Issues People s participation in the financial system is restricted by their limited ability to make informed decisions about the use and management of money. Programs encouraging greater financial education aim at increasing the financial knowledge and skills of the people so they can make good decisions. A financially-educated people with a better understanding of available financial options are more willing to save and create positive economic externalities.

12 11 b. Proposals and initiatives The Superintendence has identified certain lines of action to tackle this issue in the short and long terms among various groups of people, both in the cities and the countryside. Highlights include the following: Teacher training Within our policy to encourage financial education, SBS organized the Sixth Teacher Advisory Program to address the role and operation of the financial, insurance and AFP system, and the Financial Intelligence Unit, comprised in the cross-agency cooperation agreement signed with the Ministry of Education in This program seeks to provide public high school teachers basic tools and skills they can pass on to their students. This agreement made Peru the first country in the region to include, since 2009, financial education topics in the national high school curriculum. In 2012, the program provided training in Ancash, Piura, Huánuco, Ica, Ucayali, Cusco, Lambayeque, Arequipa, Lima and Callao regions and reached a total 1754 public school teachers. Financial culture talks The Superintendence continues to present guidance talks targeting several audiences to contribute to improve citizens financial culture. The talks provide audiences with financial resources and knowledge tailored to their needs, and they can use to make appropriate and informed financial decisions to prevent undesired outcomes, including debt overhang and fraud, to which they might be exposed because of poor financial knowledge. Financial culture helps build a bridge between the people s needs and the decisions they make, by giving them the tools to face a new and evolving financial context with better knowledge. By year-end 2012, SBS s financial culture talks had reached participants in 13 departments throughout Peru, 32% of which were in Lima and Callao. Farmer radio broadcast As part of an agreement with the Ministry of Agriculture and with support of AGRORURAL, in 2012, the Superintendence provided mass training for poor and indigent rural people. The information and materials provided should place them in a better position to manage and understand financial system services and products. The program included several broadcast modules aired throughout 2012 over eight radio stations targeting rural audiences. Each module was broadcast four times daily for a week, at prime time in Piura (Ayabaca and Huancabamba), Ancash (Huari), Cajamarca (Cajamarca), Puno (Ayaviri and Juli), Moquegua (Omate) and Tacna (Tarata). The broadcasts reached a total audience of about 1.8 million rural listeners. Virtual support: financial education portal To facilitate financial education and increase the number of dissemination channels, the SBS has opened in its webpage a new financial education portal, a fast and friendly site including cartoons, financial education videos, personal finance advice and materials for the teacher training program, as open, self-teaching resources.

13 In addition, the Superintendence is creating an e-learning platform for online management of various training courses, including on the Importance of the Financial System, Regulatory and Supervision Agencies of the Financial System, Financial Products and Services, Information Transparency; Credit Bureaus, the Private Pensions and Insurance System, and the Financial Intelligence Unit. 12 STUDY ON INSURANCE PRODUCTS AND SERVICES To foster financial inclusion within the insurance sphere in Latin American countries, the Inter-American Development Bank (IDB) launched its Regional Project for the Enforcement of Regulatory and Oversight provisions for Micro-insurance Markets in Latin America, funded by FOMIN and the Access to Insurance Initiative (A2II). The project is developed by the German Development Cooperation Agency (GIZ), together with insurance regulators from members countries (Brazil, Colombia, Jamaica and Peru). Through case diagnosis studies, including a market and regulatory survey, the study will make specific recommendations and foster learning in participating countries on the most appropriate approaches to foster microinsurance growth. Against this backdrop and as a contribution to the project s first stage, a Study on Knowledge and Perception of Insurance Products and Services was organized in five departments (states) of Peru, targeting household heads 18 to 70 years old from all socio-economic levels in urban areas. The study created a wealth of information on exposure to risk in the target market, their awareness of insurance products and their perception of the services provided by insurance companies. Highlights of the study included identifying the people s concern about events that may harm their health and homes, which they mostly cover with their savings. Additionally, the study identified the low penetration of insurance among households. In fact, 25% of respondents identified the term insurance with health programs and government bodies. * Generally, the study found low trust in insurance companies and clear evidence of preference for alternative financial sources to cover potential losses, although insurance was recognized as an option to overcome the economic losses caused by such contingencies. 1.4 Protecting financial system consumers The Superintendence has also taken up a role in protecting financial service consumers, as part of an overall effort to encourage financial inclusion and preserve the stability, solvency and transparency of regulated systems. These objectives may be reached by strengthening compliance with and respect for consumer rights, and encouraging information transparency in financial markets. To reach these goals, the Superintendence operates within the two main fields of regulation and oversight. * Translator s note: Spanish uses the same word for insurance and social health security.

14 13 a. Issues In 2005, the Regulations on Transparency and Information and Provisions Applicable to Contracting Users of the Financial System, enacted by SBS Resolution N as amended, was enacted to accomplish full corporate transparency in disseminating, enforcing and modifying interest rates, fees, expenses and any other rates linked to both active and passive transactions, as well as the services they provide. Consumer protection within prudential oversight Financial system Insurance system Prudential Supervision Efficient risk management Follow up and evaluation of financial system development Information dissemination to encourage disciplined markets (also applicable to consumer protection) Consumer protection and market conduct System behavior and practices Market transparency Private Pensions System A comprehensive review of existing regulations in 2012 revealed certain financial products characterized by weak supply and contracting practices. In particular, of all complaints solved by financial entities between 2010 and 2012, approximately 50% were linked to credit card transactions. b. Proposals and initiatives The financial system is a dynamic market that evolves quickly and simultaneously with technological progress and changing users needs and preferences, leading to the emergence of new products, opening new transaction channels, changes in the way existing products operate, streamlining and simplification of the information addressed to users and others. A number of rules and regulations issued in 2012 further regulated financial services users rights. The main contributions in this respect relate to and address the following objectives: i) Improving access to information on financial products and services Introducing the Effective Cost Annual Rate (TCEA is the Spanish acronym) and the Effective Annual Yield Rate (TREA) improved the quality of the information about interest rates and commissions charged by financial institutions. Since 2005, consumers use the Effective Cost Annual Rate (TCEA) to determine the actual cost of loans. However, it was limited to installment-based payments. Because credit cards are one of the most used and complained

15 about products, another TCEA was designed for revolving loan operations that will allow users to estimate a loan s real cost using a standardized comparative cost schedule. In 2012, SBS redesigned its web page on financial inclusion to provide friendlier and easy to understand information. A new comparing interest rate tab allows identifying the cost and yield of major financial products. This application shows Interest rate information by region, which is particularly useful for residents of various areas across Peru. Now ATM screens must show the exact applicable charges, before the actual requested transaction takes place, giving users the option to cancel the transaction if not satisfied with the corresponding fee. Another important innovation is the requirement to regularly report balances to users carrying out active and passive transactions. Users can decide if they wish to receive their statements on paper or via . This last option must be provided free of charge. 14 ii) Friendlier information To allow better understanding of information provided to users, financial system companies must provide streamlined information about their products and services fees and rates. The regulation has established several classes and names for the commissions charged for the most frequently used active and passive products. Likewise, the standards for the communications about relevant changes in contract terms were improved, together with requirements for more direct communication channels to be used and a longer advance notice period, now 45 days, to ensure clients can make the informed and timely decisions that best serve their particular interests. iii) Protecting and strengthening users rights Financial companies supply products and services for which they charge interest rates and commissions and which may involve certain expenses for additional and/or complementary services, in addition to the transactions performed by the users themselves. In 2012, the criteria to identify the services for which fees may not be passed down to users were further detailed, and new items were included in the list of forbidden charges, mainly related to credit card products, such as maintenance, cash withdrawal and overdraft fees. Another regulatory innovation was a methodology to determine the minimum applicable payment for credit card credit lines, and another for revolving schemes for loans to small and micro enterprises and for consumer loans. The proposed method to figure out minimum payments ensures part of the payment is used for amortizing the revolving capital amount and thereby avoid over indebtedness. Companies are no longer allowed to offer loan schemes allowing clients to pay installments below the minimum payment, nor offer to accept payment of a fraction of the total monthly payment, for installment-based loans.

16 Complaints DENUNCIAS Furthermore, as regards credit card operations, the new regulations establish the precedence schedule of payments that financial companies must enforce to avoid disproportionate deterioration of a client s status. They establish the obligation to amortize debts in decreasing order of precedence. In other works, they must be applied first to those obligations bearing the larger interest charges until reaching those with the lowest interest charges. 15 Transparency of financial system information PURPOSES OF INFORMATION TRANSPARENCY - Promoting responsible contracts - Reducing information asymmetries - Improving access to information USER RIGHTS Information provided before charges Product information dissemination Product contract language streamlining COMPANY OBLIGATIONS BEFORE SBS Regulated commissions Customer care system Approved blanket contract clauses c. Control and oversight initiatives The Superintendence is responsible for enforcing regulations concerning transparency and information and customer service by regulated companies, and for guiding the public initiatives concerning system players rights and duties. It does not only respond to their requests for information but also addresses users complaints against regulated companies for presumed violations to the regulations issued by our oversight and control body. Public Orientación guidance al público provided por parte through de la the Plataforma customer de Atención care platform al Usuario ,952 Atención Care of de complaints denuncias at por user parte care de la Plataforma de platform Atención al Usuario , ,785 Face to Atención face presencial service Call center Mail Years AÑOS Several general field inspections to regulated system entities and their branches, in addition to off-site oversight tasks, are organized every year. General inspection field visits seek to make sure companies follow appropriate customer care procedures and efforts and provide adequate information to the public, and comply with the regulations and provisions issued by the Superintendence. In 2012, 88 general inspection field visits were made to financial, insurance and AFP system entities.

17 In addition, inspection visits to branches of financial companies aim at assessing complaints with respect to company s obligations filed in their customer care offices, the availability of properly trained staff to respond to queries, the public display of rate schedules, the availability of updated informative brochures and, generally, appropriate information dissemination. In 2012, 151 branches were visited in Lima, Ancash, Cusco, La Libertad, Lambayeque, Puno, Arequipa and Junín departments, or 4,5% of all operating agencies. Finally, off site oversight aim at ensuring compliance with information transparency and user care regulations. It comprises the review of technical documents supporting commission charges and expenses, the services required for product operation and breaches in service standards set forth in the Information Transparency Regulations. In 2012, these efforts led to cancelling 938 commissions charged for various financial products. This process is ongoing and SBS expects to sustain its efforts to streamline the commissions charged to users of financial products. 1.5 Money laundering and organized crime: UIF and the National System for Prevention of Money Laundering and Terrorism Financing (LAFT) The National Plan against Asset Laundering and Terrorism Financing (LAFT is the Spanish acronym) contributes to protect the integrity and stability of the economic and financial system, to abate the economic might of organized crime and terrorism, and to fight corruption, through the strengthening of enforcement organizations, improvement of cross-agency coordination and building of a strong regulatory framework. In 2012, UIF had a leading role in implementing this plan where significant progress was made. a. Issues The National Plan against LAFT identified as its top priorities the institutional capacity building of specialized bodies with responsibility for investigating and prosecuting LAFT crimes, and enhancing the ability to access information by bodies with responsibility for financial detection, analysis and intelligence and the repression of crime. It also includes the UIF s internal strengthening and training of a larger number of regulated individuals and entities and compliance officers. b. Progress in the National Plan SBS fulfills the functions of Technical Secretary to the National Plan Against LAFT. From that position it has made significant progress to organize this office and enforce the plan. In March, it enacted Ministry Resolution Nº PCM approving its internal regulations, formalizing the membership of representatives of the Judiciary at the Commission and at the National Seized Goods Commission (Comisión Nacional de Bienes Incautados CONABI). It approved the setup of two (02) internal task forces to implement the National Plan against LAFT and prepare Peru s next evaluation by the South American Financial Action Group (Grupo de Acción Financiera de Sudamérica GAFISUD). It organized the First Donors Round Table for Financing the National Plan s Implementation to which it submitted 13 projects aimed at overcoming identified structural and functional vulnerabilities in the struggle against LAFT. 16

18 To July 30, 2012, CONTRALAFT entities have concluded 25 of the 76 actions included in the National Plan and moved forward to implementing another 43 initiatives. In October, it sent GAFISUD the Self-Evaluation Report on the LAFT prevention system for Peru, following the 40 New Recommendations from GAFI and the methodology issued by GAFISUD in June The report was jointly prepared by nine national entities members of CONTRALAFT. The self-evaluation is a preparation step towards the Fourth Round of Mutual Evaluations by GAFISUD countries. 17 SBS regulations The following provisions have been enacted by the Superintendence: SBS Resolution Nº (dated August 16, 2012), approving the Special Rules for LAFT Prevention applicable to notaries nationwide, including electronic delivery of Reports of Suspect Operations and Operation Records through the platform for safe delivery of information, forms and templates issued by SBS. SBS Resolution Nº (dated August 23, 2012), enacting the regulations for registering companies and individuals engaged in financial or currency exchange transactions. SBS resolution Nº (dated December 1, 2012), approving the Infractions and Sanctions Regulations for LAFT Prevention, applicable to individuals and companies involved in vehicle purchases and sales, and notaries. c. Outcomes of UIF initiatives in 2012 A total 3111 Reports of Suspect Transactions (ROS is the Spanish acronym) from regulated entities were received in 2012, amounting to 23% of all ROS between 2007 and Banks accounted for the largest share of such reports (37%), followed by money wire companies (29%). In addition, 543 financial intelligence memorandums were sent, of which 452 were financial intelligence reports and 91 were financial Intelligence Information Sheets (IFF is the Spanish acronym). Financial intelligence communications increased 41% year over year as a consequence of a larger number of information requests sent to UIF by competent authorities. The amount of money laundered reported in IFF between 2003 and 2012 reached US$ 7.2 billion. The most significant types of money laundering by amount of funds involved are fragmented illicit money wires using international money orders, shell or front companies and identity fraud as well as forged documents or front men, with 21%, 12.41% and 10.43%, respectively. Additionally, 43% of IIFs in that period had illicit drug trafficking as the precursor crime and accounted for 72% of the total amount of potential funds laundered. The average amount of money involved in IIFs in 2012 was US$ 22 million, or US$ 4 million higher than the average amount of money included in IIFs issued in the last five years.

19 18 Amounts included in Financial Intelligence Information sheets by type of precursor crime (January 2007 to December 2012) Possible related crime* Nº of IIF Total US$ million Illicit drug trafficking Environmental crimes Bribes to officials Contraband Tax fraud Scams/ fraud Procuring 8 22 Customs crimes 2 18 Terrorism financing People trafficking 3 2 Property crimes 2 2 Others Total * Types of crimes based on reports from regulated entities. Source: UIF-Peru In addition, as a consequence of new UIF powers to freeze assets, as set forth in Legislative Decree 1106, in the last quarter of 2012, 78 accounts of persons presumably involved in LAFT activities for an approximate amount of US$ 2 million were frozen. As a member of the Egmont Group, in 2012 UIF exchanged information with 41 countries, responded to 62 requests for confidential information, sent 94 such requests and issued nine spontaneous information communications. It filled out five questionnaires sent by Egmont Group members and thus contributed to strengthen inter-institutional cooperation in the combat of LAFT. Moreover, the UIF sent four questionnaires to other UIFs to collect information about regulations and specific practices. A total 486 supervision visits were made in 2012 of which 321 were preventive supervision inspections targeting regulated entities (Sujetos Obligados, SO) across Peru. These visits were information and dissemination in nature and addressed LAFT prevention regulations and regulated entities obligations, with a view at having them join the struggle against LAFT through the appointment of their respective compliance officials and registration with UIF.

20 Visitas Supervision de Supervisión visits to regulated a Sujetos individuals Obligados / entities Visitas de Supervisión Visitas Preventivas Total Supervision visits Preventive Total supervision visits Activities in the provinces 2012 City Supervision Preventive Total Trainings Trainings visits supervision visits visits Chimbote Trujillo Cusco Arequipa Total UIF activities account for the 80% increase in the number of appointed and registered compliance officials. In 2012, 1935 new compliance officials were registered, mainly in the construction, financial operations and foreign currency exchange and notaries industries and activities. Appointed compliance officials by year Years

21 20 Compliance officials by agency Year 2011 Year 2012 Change Total Compliance officials supervised by UIF Peru Activity of regulated individual / entity Change Construction and/or real estate Foreign currency purchases and sales Notaries Car dealers and dealerships Jewelry, precious metals and gems Public auctioneers Credit unions not authorized to transact with third parties Loans and pawn shops Other Total Compliance officials supervised by UIF Peru 2012 Construction and/or real estate Foreign currency purchases and sales Notaries Car dealers and dealership Jewelry, precious metals and gems Public auctioneers Credit unions not authorized to transact with third parties Loans and pawn shops Other To discourage offending behavior patterns among regulated individuals and contribute

22 to the efficient implementation of their respective LAFT prevention systems, in 2012 SBS started 182 administrative sanction proceedings to punish various regulatory offenses. In addition, a final decision was reached on 83 proceedings that had started in 2011 and Fines in 2012 fluctuated between 0.20 UIT and 15 UIT. The amounts depended on several elements, including voluntary correction of offense, size of offense, offender s assistance during the proceedings, antecedents, and others. The total amount of fines in 2012 reached UIT (S/. 888,740). The impact of these proceedings can be measured through the offending regulated entities / individuals compliance with regulations in force, subsequent to the sanction. Compliance reached 99%. Also, in 2012 SBS organized three media and printed matter dissemination campaigns. The Avoid Sanctions campaign in February and March created awareness among regulated entities and the population at large to comply with the provisions of the LAFT prevention system. In August, another campaign sought to incentivize registration of exchange, loan and pawn houses. Moreover, also in 2012, 64 trainings in Lima, Arequipa, Ayacucho, Cusco, Huancayo, Trujillo, Chiclayo, Ica, Piura, Puno, Tacna and Tumbes were attended by 2984 participants from various regulated sectors, including microfinance companies, currency exchange bureaus, building companies, the MiVivienda housing fund, notaries, vehicle dealerships, loan and pawn companies and others.

23 22 Training activities and participants (2012) Number of activities Number of trainees 1.6 Regulating social and environmental risk management in the financial system Several episodes of social conflicts have emerged simultaneously with Peru s economic growth, typically relating to the interaction between companies and their neighboring communities and mostly in connection with social and environmental issues 1. Such conflicts have required a significant number of public policy initiatives and resorting to dialogue, consultation and conflict resolution tools. However, there is also room for prudential initiatives based on social and environmental risk management by investors and financial organizations. In 2012, SBS made significant progress assessing the impact of social conflicts on the financial system and prepared regulations to encourage prudential management of social and environmental risks. a. Issues Social conflict is a matter of concern for financial system companies as these conflicts can exacerbate credit risks by altering the capacity to pay back of industries directly or indirectly hurt by such social conflicts. In addition, the reputational risk linked to project financing in conflict areas and its impact on the investment outlook and sovereign risk are also increased. Social conflicts hurt the economy through direct and indirect channels. Direct impacts are apparent on production and service supply for a specific industry operating in a conflict area, as well as on employment, taxes, input purchases, exports and even social development projects. Indirect impacts include effects on other industries, such as tourism, transportation, services and trade, and the spread of conflicts to areas of similar social characteristics. A conflictive social environment also indirectly impacts the financial system. For instance, in Peru s Cajamarca and Celendín provinces, as a result of a strike in the mining industry between November 24 and December 13, 2011, credit delinquency rates increased temporarily, in particular of loans by development promotion financial entities (Edpymes) to micro and small enterprises and rural credit unions. This behavior was in sharp contrast with the pattern observed in loans elsewhere in Peru. 1 The Office of the Ombudsman (Defensoría del Pueblo) estimates social conflicts relating to social and environmental factors account for 63% of all social conflicts (to September 2012).

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