CMF publishes its Financial Education Policy

The regulation defines criteria to report information to the CMF on operations originated from credit cards and credit lines. This is to ensure both financial institutions and their customers have more precise information on debt status.

October 7, 2022 - The Financial Market Commission (CMF) announces the publication of its new Financial Education Policy (FEP). According to Resolution No. 6,297 approved by the Board of the CMF, the FEP aims to:

  • Explicitly define the objectives and action framework for the Commission's work in this matter.
  • Develop a strategy to make decisions and develop action plans related to financial education.
  • Establish a Financial Education Governance in the CMF, including responsibilities and formal coordination instances that will allow to adequately implement the FEP and its action plans.

"For the CMF and its predecessor institutions, financial education has always been a fundamental element to ensure the correct functioning, development and stability of the financial market," stated CMF Chairwoman Solange Berstein. "The Policy is oriented towards people who make use of financial services, particularly in segments that show the greatest gaps in financial education, such as women, young people, and the elderly," she added.

The CMF's Financial Education Policy has the following objectives:

  • Provide individuals with information to help them improve their financial product contracting decisions.
  • Help people improve their knowledge of basic economic and financial concepts for a good personal financial management.
  • Promote awareness of financial products offered by the entities under the Commission's supervisory perimeter.
  • Encourage responsible indebtedness.
  • Inform the public about legal and regulatory amendments with relevant impact on decisions made by financial clients.

The FEP defines as elements of its strategy the targeting, communication and measurement of the impact of implemented action, as well as internal organization to define an annual plan and its follow-up. This includes the identification of parties responsible for each activity, resources assigned to each task, time allocated to them, and their measurement. It also creates a Financial Education Committee, whose main objective is to coordinate the Commission's work in this area and use available resources more efficiently.

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