[et_pb_section fb_built=”1″ theme_builder_area=”post_content” _builder_version=”4.27.7″ _module_preset=”default” custom_padding=”0px||0px||true|false” hover_enabled=”0″ sticky_enabled=”0″][et_pb_row _builder_version=”4.27.7″ _module_preset=”default” theme_builder_area=”post_content” width=”100%” hover_enabled=”0″ sticky_enabled=”0″][et_pb_column _builder_version=”4.27.7″ _module_preset=”default” type=”4_4″ theme_builder_area=”post_content”][et_pb_text _builder_version=”4.27.7″ _module_preset=”default” theme_builder_area=”post_content” text_orientation=”justified” hover_enabled=”0″ sticky_enabled=”0″]With the amendment to Decree 2555 of 2010 introduced by Decree 0977 of 2026, Colombia has introduced a new financial portability framework. This allows consumers to ask for certain financial products to be moved to another regulated financial institution. The goal is to increase competition and make it easier for consumers to access better financial terms. In practice, this gives consumers more freedom to choose which financial institution they want to use for their financial products.<\/p>\n
The scheme applies to commercial, consumer, and mortgage credit products, including housing leasing. In addition, the portability process may not generate costs, penalties, or additional charges for the consumer. To begin the process, the consumer must submit a request to the new financial institution. The institution will request the necessary information and assess whether to accept or reject the transfer request.<\/p>\n
If the request is approved, the new institution must present a clear, complete, and comparable offer. The consumer will have five business days to accept or reject it. Once accepted, the new institution will formalize the product, while the original institution will issue the corresponding clearance certificate. Thus, the decree seeks to make switching institutions easier and promote a more competitive financial system.[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":"
Decree 0977 of 2026 allows consumers to ask for certain financial products to be moved to another regulated financial institution, increasing competition<\/p>\n","protected":false},"author":5,"featured_media":4429945,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"","_monsterinsights_skip_tracking":false,"footnotes":""},"categories":[112,59],"tags":[],"class_list":["post-4429944","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-corporate-law","category-newsletter-en"],"yoast_head":"\n