Coppel

Nov 2, 2024

Be careful, coyotes put your retirement savings at risk with fraudulent withdrawals 14 In the withdrawals in Afore due to unemployment an irregularity has been detected that practically leaves the workers’ savingsit is a trap through which managers increase the amount available, despite the impact this has on the account holder’s contribution weeks or withdrawal amount, the director general has warned In front of Coppel , Juan Manuel Valle Perena. Irregular withdrawals from Afore due to unemployment In presenting the balance sheet of the administrator’s operations, he explained that thanks to the identification of this trap through which prices are artificially increased amounts that workers could withdraw in the event of unemployment Consar intervened and prevailed new padlocks stop this practice that drains pension savings . In front of Coppel. (Courtesy) Perena Valley indicated that the operation “coyote”. this, identifying the people who need resources to deal with economic emergencies, in particular in the phase of the Covid-19 pandemic, for which Afores spoke with Consar and stricter regulation was promoted. What these managers did was review the amount that could be claimed, which is linked to the last contributory salarybut they fired the worker for one or two days with a much higher salary – usually at some irregular company – and from that amount he was asked to withdraw. All through one juicy commission involvedObviously. In front of Coppel. Irregular withdrawals from workers’ savings funds promoted by fraudulent managers were detected. (Courtesy) What this situation caused was the substantial decrease in savings and available weeks, and it turned on the notices from fund managersdue to the long-term impact. In this case, since there were no regular payments of contributions, the irregularity was detected and therefore the What Consar did was impose measures to prevent these fraudulent withdrawals. “Operationally what you checked was what the person’s last salary was, that was the validator, but now what you will do is not check the last salary, but rather that the salary is consistent with the last contribution” — Juan Manuel Valle Pereña, general director of Afore Coppel The manager celebrated the strengthening of the operational process and system prevent a massive outflow of resourcessince this strategy promoted by fraudulent managers, better known as “coyotes”, what they have done is undermine people’s finances in the long term and although the new locks no longer allow this, there is a possibility that they will still try to offer ‘their services’. Financial culture In the meeting with the media, the director of Afore Coppel, accompanied by the director of Strategic Projects and Financial Education of Afore, Ana Luisa Saavedra, and Francisco Javier Martínez García, underlined the financial institution’s commitment to its savers and he recalled that the Financial culture becomes a fundamental pillar of well-being of the population. In front of Coppel. Irregular withdrawals were detected from workers’ savings funds managed by fraudulent managers. (Courtesy) He indicated that, with a strategic approach, Afore Coppel allocates 16% of assets under management to infrastructure investmentscontributing to the development of the country. This effort is significant, as one in five Retirement Savings System customers are enrolled Before Coppel, which has 13.9 million subscribersmost are young people under 30. Innovation and digitalisation The company reports an increase in the use of its digital channelswith participation growing by 17% in the last year, and highlighted that 58% of voluntary contributions are made via its mobile application, reflecting a clear trend towards digitalisation. Additionally, new services will be incorporated into customer service modules. Challenges and opportunities On another topic relevant to the financial cultureAfore’s director of Strategic Projects and Financial Education, Ana Luisa Saavedra, spoke about the high level of financial stress that many Mexicans face, as well as the lack of knowledge to solve the problem. In front of Coppel. Despite the push towards digital channels, Afore Coppel maintains customer service in modules. (Courtesy) I indicate that to mitigate this, the Afore will launch a podcast and will expand his blog “Improve your finances” offer specialized content, including a retirement simulator and a Financial Wellbeing Expo Day. #careful #coyotes #put #retirement #savings #risk #fraudulent #withdrawals Share this: