Interest rates

Universal fines Bangolombie Super Financier for high interest rates

For 16 months, between 2018 and 2019, Bangolombie charged 19.95% interest on long-term mortgage loans held by the bank to 1,742 clients, with a maximum rate of 12.54%, which is why Columbia’s financial supervisor (SFC) decided to penalize the company. for 1,079 credits.

The financial supervisor found that the recovery of 1,079 mortgages exceeding the legal rate defined by a reasonable estimate was above 4%, but the total of cases was 1,568 VIS credits and 174 VIS credits missing.

“In this sense, it is clear that the behavior criticized by the bank is evidence of substantial lending activities for housing finance, which is contrary to mandatory standards, which is why this SFC application leads to the respective restrictions. “

In May 2020, the SFC’s Deputy Supervisor for Financial Institutions issued an indictment and on that date, Pancolombia “admitted that there had been operational errors which led to the collection of interest without regard to legal limits “.

The Housing Portfolio Management Tool, which released the changes in July 2017, pointed out that when uploading information packs on request, the circumstances in which high interest would have been charged were associated with manual errors; Functional errors when registering the new duty rate.

Pancolombia is committed to contacting the customers concerned to obtain a refund according to the legal rate.