As of November of this year, there are around four million members with zero balance in their AFP accounts, after the eighth withdrawal of funds came into effect, reported the superintendent of Banking, Insurance and AFP, Sergio Espinosa.
During a press conference, he stated that more than 3.1 million applications have been submitted to access individual accounts, however, he noted that those submitted in December still need to be counted.
For his part, he reported that there are still no formal requests from financial and insurance entities that want to join the Private Pension System (SPP), as allowed in the pension reform approved in Congress.
However, he clarified that an AFP could request its incorporation as Pension Fund Management Companies (EAF) and even clarified that they could legally carry out the activities of a bank or an insurance company.
“A bank today can enter the pension fund administration market, or a pension fund administrator can become a larger company and therefore do insurance or some type of financial activity,” he added.
To do this, he pointed out that it is necessary to meet the requirements, conditions and technological tools. “You have to have the infrastructure and the agent to do that other business,” he added.
STABILITY
On the other hand, the head of the SBS highlighted the solidity of the Peruvian financial system, as well as the dynamism that has been accompanied by the country’s economic growth. According to the SBS, even in a stress scenario, said system would show levels of solvency.
Meanwhile, he pointed out that the changes in the boards of directors of the savings bank that were published in the Debt Law do not mean an intention to manage these entities. This, despite the fact that the Vice Ministry of Mype may elect a member of the board of directors.
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