Mexican Anti-monopolies Regulator Takes A Look

The high charges made by Mexico’s banks and private pension funds (Afores) have finally attracted the attention of the country’s anti-monopolies regulator, Comisión Federal de Competencia (CFC). The regulator has said it is to investigate a possible lack of competition in the financial sector leading to the charges – the highest in Latin America. CFC said it would be publishing its finding on the Afores in about a month and on the banking sector in the first quarter of next year. Last month, ECLAC – the UN’s Economic Commission for Latin America – published a damning report on Mexico’s banking sector, concluding that the lack of competition in the market provided conditions for “implicit collusion” by banks to keep consumer charges high.