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Evolving Financial Consumer Protection Standards in Columbia: Issues for Legal Counsels

June 2008
Consumer ProtectionBanking & Finance

Abstract

In Colombia, banking has never been just another line of business activity. It has historically been classed as a public service, which has given rise to numerous forms of intervention by public authorities in the activities of banks. This article reviews the evolution of this intervention, which has moved from restrictive regulations enacted to conscript banks into fulfilling public sector expectations to the rise of a strong consumer rights movement endowed with powerful legal tools to make itself heard. It also refers to the role of bank in-house legal counsels in minimizing the downside for banks.

Author

Antonio Núñez
Lawyer, Nuñez Rincon Abogados Consultores, Colombia

Antonio José Núñez obtained his degree in law from Pontificia Universidad Javeriana (1989). He also holds an LL.M. from Harvard Law School (1990) and an MBA from Insead (1998) as well as degrees in Insurance law from Pontificia Universidad Javeriana (1992) and Finance from Universidad de los Andes (1995). He has worked with the Colombian Ministries of Finance and Justice, the Colombian Foreign Trade Bank (Bancoldex), Accenture, the Chamber of Commerce of Bogotá and Citibank-Colombia where he was country counsel and country compliance officer. He is currently a partner at NUÑEZ RINCON ABOGADOS CONSUTORES. He works as an arbitrator at the Chamber of Commerce of Bogotá. He has been a lecturer at Universidad Externado de Colombia and Pontificia Universidad Javeriana since 1992 and has published several books, the most recent of which is "Diálogo sobre la Crisis Financiera", with ex-Minister of Finance Juan Camilo Restrepo.

Company

Nuñez Rincon Abogados Consultores

NUÑEZ RINCON ABOGADOS CONSULTORES is a law firm that specializes in financial and administrative law and in regulatory compliance. It was created in July 2013. Clients include banks, stockbrokers and exchanges and Colombian governmental entities.

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