/ Alessandri Webinar: Fintech Law and Consumption

November 24, 2022

Data protection in open finance, pro-consumer principle and risks in new technologies, among other topics, were addressed by partners Macarena Gatica and Santiago Ortúzar in an Alessandri webinar.


On the occasion of the approval in Congress of the so-called Fintech Law, Alessandri organized a webinar on Fintech and consumption. Macarena Gatica, partner expert in data protection, and Santiago Ortúzar, lead partner of the compliance team, presented on regulation of financial services by consumer law, new conditions applicable to solvency analysis, hypervulnerable consumers, among other topics.

“When we talk about Fintech, we refer to the same financial services we were used to, but now through digital means. In addition, new mechanisms such as crowdfunding appear”, began explaining partner Santiago Ortúzar.

Fintech services may have more than one regulatory body. In terms of applicable regulations, there is the Fintech law, the regulation to be issued by the Financial Market Commission (CMF) and the consumer protection law.

Macarena addressed Open Banking, a new business model that allows the exchange of information of potential clients for companies that form Open Banking.  “To implement this method we have to talk about issues related to data protection. We will have obligations with identified individuals (clients) and also technology providers, who are part of our risk chain”, said the partner. She added that, although Fintechs can be more efficient in terms of the use of technology, banks are ahead in terms of operational risk management. They already have a supplier suitability policy.

Santiago, on the one hand, recalled the rights of the consumer according to Law 19,496, among which are the free choice of products and services, the right to truthful information, not to be arbitrarily discriminated against, security in consumption, the right to repair and timely compensation and education for responsible consumption.

Macarena, on the other hand, delved into the duties that one has as a consumer, which are to inform oneself responsibly, avoid risks, act in accordance with the means provided by law and enter into consumer transactions in established businesses (which also means avoiding risks). “The risk in matters of technology and cybersecurity is shared between companies and consumers. We have to learn to read data protection policies, for example”, she said.

Alessandri’s partners emphasized the importance of preventing risks due to bad practices in companies. “Although the Fintech Law has just been approved, it is a service that is already being offered. Therefore, the associated risks are already present. It is important to assume them, manage them and get ahead of the CMF regulations”, said Macarena.

The lawyers also invited attendees to listen to the Alessandri Talks podcast on the government’s agenda on cybersecurity issues.