A bill designed to reform the finance sector has cleared the first debate in Congress and been passed into a second debate. The project seeks to improve the rights of consumers of financial products.
One of the main aspects of the bill, if approved, is that the Government and the financial entities will be obliged to promote financial education and culture amongst the lowest income population, as well as stimulating microfinance and micro insurance. Another important aspect is the strengthening of the function of the Financial Consumer Ombudsman
The bill also seeks financial liberalisation toward the implementation of the Free Trade Agreement draft between Colombia and USA. The measures included in the bill will allow Colombians to contract insurance policies abroad.