The federal competition commission (Cofece), Mexico’s anti-trust body, has issued a total M$1.1bn (US$58.3m) in fines to four local pension fund administrators (Afores) and 11 individuals for monopolistic practices. Cofece says it has found evidence that pension funds Profuturo GNP Afore, Afore Sura, Afore XXI Banorte, and Principal Afore were colluding to lower the costs of transferring individuals’ account from one Afore to the other, reducing competition among them and to detriment of other Afores not part of the scheme.
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