Superintendency of Banks orders the dissolution of the Tungurahua severance fund

The Superintendency of Banks ordered the voluntary dissolution and subsequent liquidation of the FCPC for Severance Pay of Public Servants of the Government of Tungurahua, Dependent on the Ministry of Government – FONCEPMINTUN. The decision is contained in Resolution No. SB-2026-1389, signed by the Superintendent of Banks, Roberto Romero Von Buchwald, on April 28, 2026, and published in the Third Supplement of the Official Registry No. 409 on Friday, November 13, 2026. The pension entity, with RUC 1891709567001 and domiciled in Ambato, at the facilities of the Government of Tungurahua (Mariano Castillo and Antonio José de Sucre), shall henceforth be identified with the phrase “IN LIQUIDATION” in all its acts and contracts.

The technical basis of the decision

Article 1 of the resolution accepts the recommendation contained in Technical Report No. SB-INCSS-2026-014-I of March 17, 2026, issued by the National Intendancy for the Control of the Social Security System, as well as the legal report from the National Legal Intendancy sent via memorandum No. SB-INJ-2026-0411-M of April 21, 2026. Both concluded that the fund fully meets the requirements of articles 110, 111, and 112 of chapter XL, title II, book I of the Codification of Monetary, Financial, Securities, and Insurance Resolutions, and that it is not subject to the grounds set forth in articles 114 and 116 of the same regulatory body.

The technical report also referred to the financial situation of the fund as of December 31, 2025: although it shows a decrease compared to the close of 2024, the payment commitments of the participants and the respective schedule demonstrate sufficient availability to recover loans and return contributions.

From the assembly of participants to the liquidator

The origin of the process is the Extraordinary General Assembly of Participants of November 14, 2025, whose minutes No. 02-2025 resolved to acknowledge the management report and order the liquidation of the fund in accordance with the procedures of the control entity. The statute requires, for voluntary dissolution, the vote of at least two-thirds of the general assembly.

The general framework stems from Resolution No. JPRFM-2025-005-F of October 31, 2025, from the Financial and Monetary Policy and Regulation Board, published in the Supplement of the Official Registry No. 167 of November 19, 2025, which ordered the transition of closed complementary pension funds managed by the BIESS toward their participants. In that context, the assembly had to choose between continuing operations with private administration, merging, or dissolving and liquidating.

The resolution also executes these movements:

• Removes the Banco del Instituto Ecuatoriano de Seguridad Social (BIESS) from its functions as fund administrator.
• Removes Master Santiago Andrés Endara Arias as legal representative, designation granted via Resolution SB-INJ-2022-1414 on August 3, 2022.
• Appoints lawyer Edgar Ramiro Ramírez Santacruz, ID No. 1713343638, qualified by the Liquidation Directorate via memorandum No. SB-DL-2026-0211-M on April 15, 2026, as liquidator.

Deadlines, publicity, and order of payments

The deadlines set by the Superintendency are limited. The outgoing legal representative of BIESS, the legal representative of the fund, and the liquidator must sign the handover-reception act within fifteen days from the notification. The liquidator, in turn, shall present a report on the financial situation of the fund in liquidation within thirty days, and must publish a one-time extract of the resolution in a newspaper of wide circulation in the fund’s domicile, which shall also be notified to the participants.

The resolution orders the registration in the Mercantile Registry of Ambato—of both the act and the appointment of the liquidator—and in the property registries of the cantons where the fund holds real estate or real rights. The General Secretariat of the Superintendency shall note in the margin of the fund’s registry that it has been declared in liquidation and that it is not authorized to operate as a Closed Complementary Pension Fund. Notifications include BIESS, the Internal Revenue Service, the Financial and Economic Analysis Unit, the Financial and Monetary Policy and Regulation Board, the corresponding GAD, the Superintendency of Popular and Solidarity Economy, and the Superintendency of Companies, Securities, and Insurance.

Article 118 of the codification establishes the order of priority of credits to be applied by the liquidator:

• Labor obligations and those with the IESS derived from labor relations.
• Employer, personal, and additional contributions from participants, with their returns credited to individual accounts.
• Taxes, fees, and contributions.
• Other liabilities, in accordance with the Civil Code.

Impact for participants

For the public servants of the Tungurahua Governorate affiliated with the fund, the publication closes a transition of nearly one year since the November 2025 assembly and transfers the administration of their contributions from BIESS to a liquidator appointed by the control entity. The resolution entered into force on April 28, 2026, and establishes that the return of contributions and the recovery of loans will be carried out according to the scheduled timeline and the established order of priority, without the fund being able to continue operating as an active pension entity.

Source: Official Registry, Third Supplement No. 409, Friday, November 13, 2026, Transparency and Social Control Function – Superintendency of Banks, p. 32 (official reference: Resolution No. SB-2026-1389).