Congress is processing a bill submitted by the government that contains proposed amendments to the financial system. Among other things, the bill proposes to establish a dispute resolution body that will aim to resolve conflicts between financial institutions and their clients.

This body shall act as a mediator between the institution and clients when conflicts occur in the financial relationship. It will also design and guarantee policies that give clients a better quality of service.

A self-regulated dispute resolution body has been operating since 1997, when it was established by financial institutions themselves through an inter-bank agreement. However, financial institutions were not obliged to be party to this agreement.

For further information on this topic please contact Luis Carlos Neira at Holguin Neira y Pombo Abogados by telephone (+57 1 312 2473) or by fax (+57 1 312 2513) or by email ([email protected]).