About us
The legal representative of Fogafín is its Managing Director.
The resources used by Fogafín to cover its administrative expenses are own. These are originated of the commissions that are charged to the different funds that our institution manages and don't come from the taxpayers.
Fogafín protects depositors’ savings with the objective of preserving the financial system stability. Fogafín also acts as a resolution authority, reason why is has the power to use a broad number of tools to reduce the adverse effects of a financial crisis.
The financial safety-net is composed by the Ministry of Finance, the central bank (Banco de la República), the Financial Supervisor (Superintendencia Financiera de Colombia) and Fogafín.
According to the EOSF (Banking Law), it is a tool that can be used by the Financial Supervisor to resolve a failed institution
Fogafín appoints and monitors the activities carried out by the liquidators of any type of financial institution.
Deposit Insurance
The deposit insurance is a mechanism that protects depositors’ savings when a bank fails (is subject to liquidation by the Financial Supervisor).
Deposit Insurance contributes to protect the stability of the financial sector and fosters depositors’ confidence.
The Deposit insurance is a characteristic of the savings products offered by member institutions; depositors don’t have to apply for it. Depositors, whether individuals or corporate entities, are beneficiaries of this insurance by the simple fact of opening or renewing an insured product.
The member institutions registered in the Deposit Insurance are all commercial banks and SEDPES (providers of electronic products only). The list of member institutions can be seen in the following link
Coverage is free and automatic.
Deposit Insurance is paid when there’s a failure of a member institution and deposits are covered.
Currently, the maximum coverage of the insurance is COP 50 million per depositor, per member institution.
Fogafín’s objective is to reimburse deposits as soon as possible. Our current targeted time to start the payout process is 7 business days.
- Savings accounts
- Checking accounts
- Term deposits (CDT)
- Electronic deposits
- Insurance
- Stocks
- Bonds
- Any deposits held at financial institutions that are not Fogafín members
