PERU Trends and Developments Contributed by: Andrés Kuan-Veng and Luis Ernesto Marín, Rubio Leguía Normand
the design of strategies to the SBS to achieve this goal and is primarily focused on increasing financial inclusion in the post-pandemic context. Regarding this project, the Banco Central de Reserva del Perú (Central Reserve Bank of Peru, hereinafter the BCRP) highlighted the benefits of open banking, including empowering consum - ers, driving innovation, promoting competition, lowering interest rates, expanding credit and financial inclusion, and accelerating digital trans - formation. The BCRP also requested a change in the proposal to give it the regulatory capac - ity to develop open banking in Peru, due to its relevance for payment initiation and account aggregation services. On the other hand, the SBS issued a report clari - fying that the implementation of open banking, whether through guidelines or mandatory regu - lations, involves aspects that need to be care - fully analysed, including the dynamics of each jurisdiction’s ecosystem. The regulator reiter - ated its preference for an open finance model but recognises that its implementation would be phased, starting with banking entities. The most relevant risks the regulation would need to address include cybersecurity, interconnectivity between entities, and the misuse of private cus - tomer data. The SBS also reported conducting its first study in 2020, with the support of the World Bank, on the opportunities and challenges of implementing open banking in Peru. Financial Portability In March 2024, a bill was introduced to regulate free banking and financial choice, allowing indi - viduals and small and microenterprises to switch financial product providers for better terms. This bill, known as the “Financial Portability Bill”, aims to promote free banking and financial choice in Peru, allowing individuals and small and micro -
enterprises to change financial providers easily and facilitating the exchange of data and finan - cial information between institutions, with the prior authorisation of the data holder. The bill defines financial portability as the right of a customer to change financial providers for one or more products or services, free of charge, and obligates companies to provide all neces - sary information and take relevant actions to facilitate the procedure. Among the main benefits cited by the bill’s pro - ponents are: • increased competition; • broader access to financial products; • transparency and clarity; and • economic stimulation. However, the bill has faced criticism, and according to the SBS, the current regulatory framework already provides provisions allowing users to resolve contracts for any financial prod - uct or service, switch providers, and in the case of credits, fulfil obligations without restrictions, hindrances or additional charges. Additionally, the SBS argues that the debt freezing provision in the bill (which freezes the debt with the origi - nal provider once it issues the debt settlement certificate) is inconsistent with the contractual terms between the parties and the basic con - cepts related to the payment of interest on the use of money over time, as well as the civil code governing private contracts. Interest Rate Caps In March 2021, the Law Against Usury in Finan - cial Services was published, which, among other provisions, modified several rules related to con - sumer protection in financial services. The Law established that the BCRP should set maximum
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