Financial Services User Protection—Further Amendments

April 5, 2019. The BCRA has implemented changes to a series of regulations in order to enhance users’ financial protection. Communication A 6664 has been amended, among others, as follows:

Service restoration. Financial institutions and non-financial credit card issuing companies that need to block the service for security reasons are required to inform users of this situation from now on. They must also get their clients informed of the restoration of a product or service through any of the electronic means of communication available for that purpose.

Response time. Financial institutions must certainly respond to all enquiries or claims within 10 working days at the latest. This measure has been designed to lower financial institutions' response time, which used to be of 20 days.

Bank and credit card statements. Banks must make available to all their clients the last 12 monthly account and credit card statements on the webpage. Based on this regulation, this right extends to users of non-bank credit cards.

Reimbursement of amounts claimed. Banks must reimburse their clients, within the 10 working days following the claim date, for any amount they have collected in excess of special offers, discounts or other benefits.

Automatic update of users’ data. If a client reports a change in their personal data in terms of a single product, the bank is obliged to update such information as to all other hired products and services.

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