The Financial Espresso "Potential FGC rules to invest. platforms; GetNet..."

Research evidence excerpt

The Financial Espresso "Potential FGC rules to invest. platforms; GetNet..."

Global Research

20 May 2026ab

The Financial Espresso Equities

Latin AmericaPotential FGC rules to invest. platforms;

GetNet; SMEs activity; Desenrola; Revolut; Financial

Argentina KaioAnalystPrato

kaio.prato@ubs.com

+55-11-3513 6573

Banks and the Central Bank discuss rules for investors and platforms within the Thiago Batista, CFA

AnalystFGC

thiago.batista@ubs.com

According to Valor, Brazil’s Central Bank and banks are discussing a new round of +55-11-3513 6518

changes to the rules of the Credit Guarantee Fund (FGC), now shifting focus from

Camila Azevedo

banks to investors and investment platforms. The initiative comes after the Banco

Associate Analyst

Master case, which exposed weaknesses in a model where high-yield CDBs were camila.azevedo@ubs.com

widely distributed via platforms under the umbrella of FGC protection. Proposed +55-11-2767 6881

measures include requiring investors and distributors (platforms) to share part of

Bruno Kenji

the losses in case of a bank failure, as well as potential adjustments such as limits on

remuneration of covered products and even deductibles in reimbursement. The bruno.kenji@ubs.com

changes are still under discussion and could be implemented in the second half of +55-11-2767 6056

2026. Our take: By potentially making platforms and investors bear part of the risk,

Olavo Arthuzo

regulators are trying to correct incentives that allowed aggressive funding

Analyst

strategies based on the perception of “risk-free” returns due to FGC coverage. Over olavo.arthuzo@ubs.com

time, this should strengthen system stability, but at the cost of reducing the +55-11-2767 6306

attractiveness and ease of retail fixed income investing.

Beatriz Shinye