Publications -

Law on Transparent Pricing: a banking view

The Colombian banking association, Colombia-Asobancaria, represents the financial industry in the country. It includes foreign and national public and private commercial banks, commercial finance companies, financial corporations and official financial institutions. Recently it published its feedback on the recently enacted Law 1748/2014, which requires financial institutions to inform their customers and potential customers of the Total Unified Value (Valor Total Unificado or VTU) of their products (discussed in the second issue of Progreso). The law is intended to ensure that people know the total cost of products that they have or wish to take out, so that they can compare different financial services and product offering available on the market.