Mexico making it easier to switch Afore

The head of Mexico's pension regulator Consar said that workers looking to switch pension fund manager (Afores) will have a streamlined system in place within few months.

The move is part of Consar's reforms to make it easier for workers to switch Afore, cutting unwieldy bureaucracy, long lines at branches and other barriers.

Consar chief Abraham Vela Dib said the agency is working with Afore association Amafore in response to worker complaints about Afores placing obstacles to making the switch, reported local daily El Financiero.

"We are working with Amafore so that in three months ... savers can change Afore without direct intervention from the Afores," said Vela Dib, according to the report.

"My intention is to identify what does not work and correct it ... there is no corruption in the Afores. It's just that their customer service should improve."

Consar has received worker complaints that Afores take up to 21 days to hand over the documentation needed to switch manager, which should take up to five business days. Also many Afores use the pretext of a system failure to avoid sending the documents, according to workers.

Afores will also be banned from requiring encryption, passwords or other authentication mechanisms to hand over the documentation, the report said.