La Polar falls foul of regulators once more

Chilean consumer protection agency Sernac denounced retailer La Polar and four other local firms for falsely advertising their compliance with the new financial services consumer protection laws, Sernac said in a release. According to Sernac, La Polar, banks BCI and Consorcio, cooperative Coopeuch and social security institution Caja de Compensación los Héroes said in their advertising that their contracts were in full compliance with the Sernac Financiero laws, which the agency said was an impossible claim since these regulations have not yet come into force. The agency called the advertising misleading and said it could cause confusion among consumers. Sernac Financiero was one of President Sebastián Piñera's campaign promises, aiming to improve transparency and competition among all financial service providers, including banks, cooperatives, retailers and insurance companies.