Peru’s financial regulator, the SBS, reports no banks, cajas, or insurance companies have applied to enter the private pension fund (AFP) market despite legal reforms allowing them to do so. Superintendent Sergio Espinosa indicated the law remains open to new entrants, but recent mass withdrawals from AFPs have created significant instability. This uncertainty is discouraging potential investors from entering the pension administration sector. The reforms were intended to increase competition and improve returns for pensioners. However, the ongoing withdrawals have overshadowed these goals, creating a cautious environment for financial institutions. The SBS continues to monitor the situation, awaiting a stabilization of the system before expecting increased interest from other financial entities. The future of competition within Peru’s pension system remains unclear.