CONDUSEF Evaluates Afore’s Returns, Complaints

The National Commission for the Protection and Defense of Users of Financial Services (CONDUSEF) reviewed Retirement Fund Administrators (Afores), finding that Cetes Directo, Banco Inmobiliario Mexicano and Compartamos Banco registered the highest earning in the market. CitiBanamex, Banorte and BBVA, three of Mexico’s biggest banks, were amongst the worst performing institutions, according to the Review, Compare and Decide Simulators. 

As of July, 10 Afores held retirement savings valued at MX$5.2 billion (US$261 billion): Afore XXI Banorte held 20.4 percent, Profuturo Afore 17 percent, Citibanamex Afore 15.6 percent and SURA Afore 15.5 percent. Together, these institutions concentrate 68.5 percent of all savings in an Afore. 

CONDUSEF registered a total of 4,408 claims from January to July 2022. The highest rates of claims per 100,000 accounts were from Principal which registered 18 claims, followed by PENSIONISSSTE with 16 and Invercap and Afore XXI Banorte with 12 each. Afore Azteca, Citibanamex and Afore Coppel registered fewer claims. Afore XXI Banorte registered 21 percent of total claims, Citibanamex Afore 13 percent, Afore Coppel and Afore Azteca 12 percent each.

CONDUSEF highlighted that not attended nor concluded processing requests represented 51 percent of claims between January to July 2022, not attended or not concluded account separations represented 9 percent of claims and not attended or not concluded account unifications represented 7 percent. 

In terms of credit, CONDUSEF identified Inbursa, BBVA and HSBC as the least expensive institutions for credit cost in Mexico. The decentralized organization also highlighted that Multiplica, Santander and Credenz were deemed as the most expensive among the country’s credit institutions. 

“The National Commission for the Protection and Defense of Users of Financial Services (CONDUSEF), is the decentralized public body of the General Public Administration in charge of the protection and defense of the rights and interests of the public user of financial services, which are provided by the duly authorized public, private and social sector institutions, as well as to regulate the organization, procedures and operation of the public entity in charge of said functions,” said CONDUSEF via its press release.