Background on BBVA and Rímac
BBVA Perú is one of the leading financial institutions in Peru, offering a wide range of banking services including personal and business banking, credit, insurance, and investment solutions. Rímac, on the other hand, is a prominent Peruvian insurance company that provides various insurance products and services.
Indecopi’s Investigation
The National Institute of Competition, Antimonopoly Policy and Intellectual Property Protection (Indecopi) in Peru has initiated administrative sanctioning procedures against BBVA Perú and Rímac for allegedly making promotional calls without consumer consent. This action stems from an investigation into the bancassurance, insurance, and telecommunications sectors.
AI-Powered Analysis
Indecopi has analyzed over 600,000 telephone call recordings from both companies and their call centers using artificial intelligence and data analysis. The investigation found that neither company could prove consumers had given explicit, informed, and unambiguous consent to receive promotional communications.
Previous Investigations and Sanctions
Since 2024, Indecopi has scrutinized approximately seven million audio files as part of investigations into companies in the banking, insurance, and telecommunications sectors.
- Pacífico Seguros y Reaseguros
- Impulsa 365 (call center)
- Entel Perú
These investigations have led to sanctioning procedures against Pacífico Seguros y Reaseguros and Impulsa 365 for allegedly promoting products and services to consumers without their consent. Entel Perú was also investigated for failing to respond to information requests related to spam calls.
Potential Penalties
According to Peru’s Competition Authority, a sanctioning procedure could result in fines of up to 450 Unidades Impositivas Tributarias (UIT), equivalent to around 2.4 million Peruvian soles (approximately 605,573 USD). Additionally, corrective measures may be imposed to benefit affected consumers.
BBVA’s Response
BBVA has acknowledged receiving notification of the investigation from Indecopi. The regulatory body has requested supplementary information from BBVA Perú regarding consumer consent for promotional calls.
Key Questions and Answers
- Who is being investigated? BBVA Perú and Rímac, two major financial and insurance companies in Peru.
- Why are they under investigation? Both companies are accused of making promotional calls without obtaining explicit consumer consent, which violates Peru’s Consumer Protection and Defense Code.
- What is Indecopi’s role? Indecopi is the Peruvian regulatory body responsible for enforcing competition and consumer protection laws. They are investigating the companies’ practices and may impose fines or corrective measures.
- What are the potential penalties? Fines could reach up to 450 Unidades Impositivas Tributarias (UIT), equivalent to around 2.4 million Peruvian soles (approximately 605,573 USD). Corrective measures may also be imposed to protect affected consumers.
- How have BBVA and Rímac responded? BBVA has confirmed receiving notification of the investigation from Indecopi and is providing the requested information regarding consumer consent for promotional calls.
