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The Superintendency of Pensions (SP) notified two AFPs of millionaire fines for irregularities associated with the 10% withdrawal of pension savings.
In detail, the sanctioned administrators are Model Y Habitat.
The first was notified of a fine of 3,500 UF ($ 100,450,000 approximately) and the second, 2,000 UF ($ 57,400,000 approximately).
According to the regulator, AFP Modelo provided a web service rated “poor” during the withdrawal procedure of 10%. How the application process was carried out was also questioned.
The fine against Habitat, meanwhile, was mainly based on the mail sent to affiliates with opinions related to the implication of the withdrawal of the money.
Both AFPs will have five days to appeal the fines imposed by the SP, Diario Financiero said.
Other fines
On September 11, and after an investigation that lasted two years, the SP reported that determined to sanction six of the seven Pension Fund Administrators (AFP) that operate in Chile.
In detail, the foregoing occurred within the framework of an investigation of irregularities committed by pension advisers and sales agents of insurance companies in operations carried out in the System of Consultations and Offers of Pension Amounts (SCOMP), as well as the responsibility of the AFPs and insurance companies in said process.
The SP finally sanctioned them “for a total of 13,000 Development Units ”.
The AFP Capital and Habitat were fined 2,500 UF each (approximately $ 71,725,000). Meanwhile, the administrators Cuprum, Modelo, Planvital and Provida were each fined 2,000 UF (approximately $ 57,380,000).
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