Overview

• Resolution SBS No. 03526-2025 publishes proposed changes to Title II of the SPP rulebook and updates provisions dating to 1998.
• The project would allow banks, finance companies, municipal and rural savings banks, investment banks and insurers to operate as Pension Fund Administration Companies under the same competitive conditions as AFPs.
• Citizens and stakeholders have 15 calendar days from official notice in El Peruano to submit comments, with the text posted on the SBS website through October 16.
• Applicants must seek authorization to add the pension business line, file feasibility and risk assessments, meet patrimonial and risk‑management standards, and may be subject to an on‑site verification by the supervisor.
• If adopted, the SBS would issue operational procedures for market entry, and analysts caution that meaningful competition with AFPs may take time despite the reform’s pro‑competition intent.