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FyF Decreases Probability Of Changing Recommendation

CHILE
  • In Chile, the pension adviser Felices y Forrados altered its traffic light signal from red to amber last night. The new signal attaches just a medium probability of a change in advice regarding asset allocation.
  • The advisor's recommendations have prompted large bouts of local market volatility over the past year.
  • Before the Central Bank's announcement on increasing USD reserves, the probability of a change in advice had been high.
  • Regarding the frequent fund changes, of which there were 22 last year, Central Bank President Mario Marcel described it as an important issue and said, "It is difficult to know the benefit that this brings to the country."
  • In December Officials suggested to Congress that transfers be limited between savers' pension funds to two per year unless the moves are made between adjacent risk categories.
  • The government sent a bill to Congress this week which would increase regulation on advisors like FyF, diminishing the potential for volatile local market flows.
  • It is widely understood these local research companies have allies, making its approval uncertain but a potential driver to watch.
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