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The Association of Social Security Advisors of Chile (Agap) issued a public statement in which it demarcated itself from Happy and lined (FyF), alluding to the fact that they are not regulated or part of the union.
Agap maintained that the firm led by Gino Lorenzini “It is a Massive Investment Agent that makes recommendations on a massive scale about fund changes to AFP affiliates.”
But they went on to underline that “They are not pension advisers and they do not belong to our union, which brings together professionals recognized by law and permanently supervised by the Commission for the Financial Market (CMF) and the Superintendency of Pensions ”.
In Agap’s opinion, according to his public statement, the “Unscrupulous companies that profit by making massive fund recommendations” should be audited as soon as possible.
“(…) We consider that these suggestions end up affecting future pensions and what is worse: who makes them do not assume any kind of responsibility and they are also not audited “, concluded the union.
FyF in the crosshairs
In recent weeks, FyF has been embroiled in a series of public questions.
On November 12, the National Consumer Service (Sernac) confirmed that it is targeting them for misleading advertising, which would be linked to the delivery of inaccurate data.
FyF would currently have at least 130 thousand subscribers, who pay approximately $ 2,000 per month for services.
Later, and at the end of last month, Lorenzini pointed to an alleged illegal triangulation that it would involve AFP Habitat, in an accusation involving the family of President Sebastián Piñera.
Previously, The Superintendency of Pensions (SP) “categorically” ruled out irregularities in the additional audit process carried out in July 2019 regarding the investments made by AFP Habitat in funds managed by AGF Moneda Asset, an investigation that concluded “in the absence of infractions to current regulations.”
Also, the Christian Democrat senator, Ximena Rincon, was singled out for having an alleged link with the company Felices y Forrados: his brother, Ricardo Rincón, is a lawyer for the company and, in addition, the legislator would have tried to add an indication in the project of the second withdrawal of 10% that prohibited the restriction of pension advisers.
All this in the Constitutional Commission of the Upper House, where Rincón was replacing the senator of the same party, Francisco Huenchumilla.
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