The federal government plans to allocate more resources to the regulators of the financial system and to the bodies that support citizens in the event of complaints or fraud.
Three regulatory entities of the financial system (CNSF, CNBV and Consar) and two agencies in charge of supporting banking users (Condusef and Profeco) will receive a total of 3,771 million pesos, an amount 4.6% higher than what they received this 2022 .
Of the more than 3,700 million pesos that these agencies will receive, the National Banking and Securities Commission (CNBV) will receive the largest share with 42.1%, the Federal Consumer Protection Agency (Profeco) will have 29.5%, the National Commission for Protection and Defense of Financial Services Users (Condusef) takes 16.5%, the National Insurance and Bond Commission (CNSF) will receive 6.2% and the National Commission of the Retirement Savings System (Consar) 5.6%.
The CNBV is in charge of supervising the 50 banks that currently operate in Mexico and is responsible for licensing fintech companies. The regulator, in charge of Jesús de la Fuente, also supervises compliance with the regulations by brokerage houses, banks, fintechs, sofomes and sofipos.
The CNSF is responsible for authorizing and supervising the insurers that operate in Mexico, while the Consar is responsible for supervising the 10 Afores that operate in the country and manage more than 7 billion pesos.
The Condusef, headed by Oscar Rosado, is the body that reports to the Treasury and is responsible for supporting users of financial services (banks, insurance, Afores and fintechs) in the event of any disagreement or fraud with private institutions.
Profeco is the agency in charge of mediating between consumers and companies; It also advises on cases involving non-regulated financial institutions.
How much money will regulators and consumer advocates receive?
The CNBV is expected to receive a total of 1,589.8 million pesos, 4% more than in 2022; Profeco will receive 1,113.7 million pesos, 5.6% more; Condusef was assigned 622.3 million pesos, 4.5% more than this year; the CNSF will receive 234.1 million pesos, 5.3% more than this 2022; and Consar was assigned 234.1 million pesos, 4.2% more.
