“The commission that will be charged during 2022 for the administration of the individual accounts of its affiliates in the Basic SIEFORES (…) will decrease from 0.83% to 0.57% annually,” the Afore informed the Mexican Stock Exchange.
As of October, Afore Profuturo had 6 million clients and is the sixth largest administrator by number of managed accounts.
Last October, Consar published the formula that established that the maximum limit that the Afores could charge in 2022 was 0.57%. The average commission in 2021 was 0.80%.
The Afores expressed their concern that their income would be reduced by up to 40% and although the majority said they would abide by the law, Afore Azteca filed an injunction against this reduction in commissions.
Consar and the Afores met and agreed that a simplification of the processes would be made so that the administrators would save between 5,000 and 6,000 million pesos and could support the reduction of commissions to 0.57%.
One of the processes agreed between the regulator and the Afores is to eliminate the sending of account statements to the workers’ homes.
