Problem with a mutual fund or brokerage firm in Peru: complain to the SMV or to Indecopi?

Two different doors: Indecopi and the SMV

If you have a problem with your mutual fund (fondo mutuo) or your brokerage firm (sociedad agente de bolsa), first decide what you want. The SMV (Superintendencia del Mercado de Valores, Peru’s securities regulator) explains it on its investor guidance page. When there is a dispute, it says its Investor Ombudsman can guide you on how to:

“interponer un reclamo ante el INDECOPI por una posible infracción a las normas de protección del consumidor y pueda ordenar algún tipo de resarcimiento, de corresponder, o interponer una denuncia ante la SMV por una posible infracción a las normas bajo su supervisión”

(file a complaint with Indecopi for a possible consumer-protection breach, which may order some form of compensation where appropriate, or file a report with the SMV for a possible breach of the rules it supervises.)

In practice:

The Ombudsman’s functions page puts “y/o” (and/or) between the two. They are not mutually exclusive.

Why Indecopi can take your case

Article 105 of Ley 29571, the Consumer Protection Code, gives Indecopi primary, nationwide jurisdiction and says:

“Dicha competencia solo puede ser negada cuando ella haya sido asignada o se asigne a favor de otro organismo por norma expresa con rango de ley.”

(That jurisdiction can only be denied when an express norm with the rank of law assigns it to another body.)

The Code’s financial-services chapter (article 81) refers to firms supervised by the SBS, the banking regulator. It does not mention the SMV or the securities market. Even so, the SMV itself sends investors to Indecopi for possible consumer-protection breaches.

First, complain to the firm

Before going to any authority, send the firm a written complaint (reclamo). The general rule in article 24.1 of Ley 29571, as amended by Ley 31435, requires a provider to answer its consumers:

”[…] consumidores y dar respuesta a los mismos en un plazo no mayor de quince (15) días hábiles improrrogables.”

(… and answer them within no more than fifteen business days, with no extension.)

That is the general consumer-code deadline. We did not verify whether an SMV rule sets its own procedure or deadline for brokerage firms or fund managers. If the firm quotes a different deadline, ask which rule it relies on.

They also cannot make you pay first. Article 24.3 says:

“No puede condicionarse la atención de reclamos de consumidores o usuarios al pago previo del producto o servicio materia de dicho reclamo o del monto que hubiera motivado ello, o de cualquier otro pago.”

(Handling a complaint cannot be made conditional on paying first for the product or service, the disputed amount, or any other payment.)

What the Investor Ombudsman does, and what it does not

The Defensoría del Inversionista is an SMV service. Its first function is:

“Orientar gratuitamente al inversionista ante una situación concreta en la que éste considere que una sociedad agente de bolsa, una sociedad administradora de fondos mutuos o fondos de inversión, una empresa administradora de fondos colectivos, una sociedad emisora de valores o cualquier otra entidad bajo el ámbito de competencia de la SMV podría estar afectando sus derechos.”

(To guide investors for free when they believe a brokerage firm, a mutual or investment fund manager, a collective fund manager, a securities issuer or any other entity under SMV jurisdiction may be affecting their rights.)

It tells you which route fits and, where possible, sets up direct dialogue with the firm. But it has a clear limit:

“En ningún caso, la Defensoría del Inversionista emite opinión técnica o jurídica sobre la situación concreta referida por el inversionista.”

(Under no circumstances does the Ombudsman give a technical or legal opinion on the investor’s situation.)

It guides; it does not decide. You apply online on gob.pe with your DNI number, email and full name.

What the SMV does not do: guarantee your returns

Many people think a fund supervised by the SMV cannot lose money. The SMV says otherwise:

“La inscripción de un valor en el Registro Público del Mercado de Valores de la SMV no implica la certificación sobre la bondad o la solvencia del emisor, ni sobre los riesgos del valor o de la oferta”

(Registering a security in the SMV’s public register does not certify the issuer’s soundness or solvency, or the risks of the security or the offer.)

And:

“Siempre debe tener presente que una mayor rentabilidad se encuentra asociada por lo general a un mayor riesgo y que la rentabilidad pasada de una inversión no asegura que se repita en el futuro.”

(Higher returns usually come with higher risk, and past returns do not guarantee future ones.)

A fall in your fund does not, on its own, mean anyone owes you money: neither the SMV nor its register promises you will not lose. A complaint to Indecopi or a report to the SMV makes sense when you believe the firm did something wrong, not just because the value dropped.

Two precautions from the SMV

The SMV says money should always move by bank deposit:

“Toda entrega de dinero debe ser efectuada a través de depósitos en las cuentas bancarias de los agentes de intermediación. No debe entregarse dinero en efectivo a ningún empleado.”

(All payments must be made by deposit into the broker’s bank accounts. Never hand cash to an employee.)

And that you check your trades yourself:

“Usted puede verificar las operaciones realizadas a través de su sociedad agente de bolsa, consultando directamente el modulo que la Institución de Compensación y Liquidación de Valores CAVALI S.A. ICLV pone a su disposición”

(You can check the trades made through your brokerage firm in the module provided by CAVALI, the securities clearing and settlement institution.)

If someone asked you for cash, or the firm is not registered with the SMV, you may not be dealing with a supervised firm at all. In that case read crypto and informal investment scams. If your problem is with a bank, caja or finance company, different rules apply: see bank complaints in Peru.

What this page does not cover

We did not read the Reglamento de la Defensoría del Inversionista or the mutual fund and brokerage regulations, so we do not cover any internal complaint procedures they may require. We did not verify whether the Defensoría del Cliente Financiero handles cases against these firms. We also do not cover minority shareholders’ complaints about delivery of shares or dividends, or court and arbitration routes.