巴西关于重新评估和更新巴西金融消费者保护制度的范围说明（英）

Industry Overview - Brazil's financial sector has seen significant advancements in financial inclusion, particularly with the rapid adoption of the PIX payment system, which now facilitates over 4 billion monthly transactions [8] - Despite these advancements, financial consumers in Brazil face significant risks, including fraud, scams, over-indebtedness, and mis-sold bundled insurance products, with vulnerable groups like women and young consumers disproportionately affected [8] - Over-indebtedness remains a critical issue, with 72.89 million adults in default as of the latest report, despite government initiatives like the Desenrola Program aimed at restructuring defaulted personal loans [8] Financial Sector Landscape - Brazil's financial sector is the largest in Latin America, with a GDP of USD 1.9 trillion in 2022, and has shown marked ability to control inflation and foster financial markets, competition, and inclusion [12] - The banking system is highly centralized, with the five largest banks accounting for 76.6% of total banking assets in 2021, and the payment infrastructure has grown significantly since the establishment of a national payments system in 2013 [16] - Domestic credit to the private sector in Brazil represents 71.8% of GDP (2022), with household loans amounting to BRL 3.6 billion in March 2024, reflecting a 10% increase from the prior 12 months [21] Consumer Credit Market - Brazil's consumer credit market is primarily composed of unsecured loans, especially credit cards and government-managed payroll loans, with credit cards being the main source of consumer defaults [21] - As of March 2024, 72.89 million consumers were in default, representing 44.3% of the adult population, with 50.4% being women, and the number of defaulted consumers is at an all-time high [21] - Payroll loans play a significant role in the Brazilian market, especially for consumers receiving periodic government payments, with INSS having more than 63 million active payroll loans totaling BRL 145 billion [26] Insurance and Payment Products - Brazil's insurance industry represents only 3.6% of the country's GDP, with private pension funds being the leading segment, followed by property coverage and life insurance [36] - Payment accounts have emerged as the fastest-growing account type, with 80 million new accounts opened with Payment Institutions (PIs) alone between 2018 and 2020, driven by the increasing preference for non-physical transactions and the adoption of PIX [36] - Capitalization bonds, although the smallest segment in terms of revenue, achieved an impressive 49.6% Return on Equity (ROE) in 2022, while property and life insurance combined showed a 21.9% ROE [36] Financial Consumer Protection (FCP) Framework - Brazil currently lacks a dedicated FCP law, with the primary legislation governing financial consumer protection being the general Consumer Protection Code (CDC) [47] - The CDC imposes various requirements that generally apply to all goods and services, but it focuses on addressing abusive and unfair practices rather than specifically targeting FCP concerns [47] - The National Monetary Council (CMN) has issued overarching regulations for financial institutions, addressing topics such as suitability, debt collection, consumer mobility, and account closure, but the regulatory landscape remains complex and fragmented [49] External Dispute Resolution (EDR) Mechanisms - Brazil provides a dispute resolution mechanism for consumers through Procons and SENACON's Consumidor.gov platform, which processed almost 1.5 million complaints in 2021, with the financial sector responding to 30% of these complaints [60] - BCB receives around 500,000 complaints per year through its RDR system, analyzing individual complaints and rating them as indicative of a breach of compliance, but it lacks formal determination powers for individual complaints [60] - SUSEP has historically been more focused on acting on individual complaints on an ad hoc basis, with its current approach reflected in Circular SUSEP 643/21, which notes that supervisory action may be undertaken on an individual level [63]