The Congress of Deputies has given the go-ahead to the creation of the Financial Client Defense Authority, a figure that aims to bring together, in a single institution, the claims that clients presented to the Bank of Spain, the General Directorate of Insurance and the National Securities Market Commission (CNMV), respectively, and whose creation has been surrounded by criticism from the financial sector as judicial bodies.
One of the arguments against it is that it could increase litigation. However, the approved regulations include that their resolutions will not take account of uniform and binding criteria for financial institutions in claims of less than 20,000 euros. Precisely sources from the financial sector value the latter positively, since it considers that for small imports, such as 20,000 euros, it is avoided going to court, evaluating this aspect positively.
Another point that they value is the suppression of the controversial rate of 250 euros, which was even rejected by the governor of the Bank of Spain himself, Pablo Hernández de Cos. Faced with this formula, the Economic Affairs Commission of Congress reached an agreement to establish a payment in relation to the volume of complaints filed against an entity at the end of a financial year, with a greater penalty the more claims are favorable to the client. These same sources point out that the rate was not logical.
From Asufin they point out that for this “two requirements must be met: ensuring correct financing so that the body is equipped with the necessary means, as well as fulfilling the purpose of being a deterrent to bad banking practices.”
Despite this, these same sources recall that there were already mechanisms that worked well to resolve customer complaints.