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SBS: Financial Institutions Sanctioned Over S$5 Million

SBS applied 18 sanctions in 1130 UIT. | Font: Andean

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financial institutions They were fined 1,130 UIT this year, the Banking, Insurance and AFP (SBS) said.

There were 18 in total sanctionswhich is equivalent to more than SGD 5 million that occurred due to market misbehavior i.e. improper fees, lack of information or improper application of interest.

Banco Falabella, Banco GNB, Caja Cencosud-Scotia, Caja Paita, Banco de la Nación, Scotiabank, Financiera Oh and Rímac Seguros have been sanctioned this year, according to the SBS website.

It should be noted that this information about sanctions they relate to agreed sanctions, those that are in process cannot be made public, but the appropriate assessment and enforcement procedures are in place,” said Jamil Valle Espinoza, Market Behavior Corrective Action Manager at SBS.

The representative of the GSB pointed out that although official letters with sanctions against the relevant financial institutions are not published, because the information is protected, the public is informed about the actions carried out by the GSB in a general way.

“Specific information about the subject will not necessarily be provided, but as part of the educational campaigns that are published on the GSS social networks, the information is set in general terms, that is, about the charges that such a company may or may not be charged,” he specified.

Source: RPP

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