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HomeLatest NewsThe new financial customer ombudsman will penalize the most defaulting banks

The new financial customer ombudsman will penalize the most defaulting banks

Date: April 21, 2024 Time: 19:35:46

Green light for the creation of the Financial Client Defense Authority. The Congress of Deputies approved this Thursday the project that will allow users to claim before a single body both banking, insurance or financial investment issues. So far, the claims that have been filed with the Bank of Spain, the General Directorate of Insurance and the National Securities Market Commission (CNMV), respectively. However, when the new institution is a reality, the current claims services will be centralized.

The plenary session of Congress rejected all the amendments presented to the opinion of the bill, but the opinion went ahead with 186 votes in favor, 47 against and 95 abstentions in the terms in which the Economic Affairs Commission began it. Among the main novelties that have been incorporated into the project after passing through the Lower House, it stands out that the financial entities that receive a greater number of claims, if they also turn out to be against them, will be the ones that pay the bulk of the operating expenses of this new organism.

The initial ideal of the Government that the entities themselves finance the operation of the authority remains alive, but the fixed rate of 250 euros per claim raised by the Executive has disappeared and was criticized by the groups and the governor of the Bank himself from Spain, Pablo Hernandez 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.

And this Thursday the text has received the approval of the Plenary of Congress, with which 60% of the remaining expenses would correspond to pay it equally to the entities in proportion to the volume of lost claims.

Facilitate the claim process

The parliamentary groups also agreed that claims before the Financial Client Defense Authority should preferably be made through a document submitted by electronic means, but they ask that the existence of specific personnel to provide help be ensured. In this way, if necessary, the claimant can contact through free telephone lines attended personally.

The authority will inform all types of users on its website in a “simple, accessible and adapted” way about the possibility of making a claim and will make available to the claimant who requests it support means and any personalized assistance that may exist. Likewise, agreements or conventions may be established with entities of the autonomous administrations, such as consumer institutes, to facilitate the presentation of claims in nearby places distributed territorially throughout the country.

Another of the novelties agreed by the groups is that when bad faith is appreciated in the filing of a claim, a fine may be applied to the client from 50 to 250 euros. In case of recidivism, the fine rises to 500 euros; to 700 euros if it occurs for the third time and to 1,000 euros from the fourth. On the other hand, applicants for basic payment accounts are considered potential clients of the authority, a product created mainly to help the most excluded groups in financial terms or who are in an irregular situation.

Attached to the Ministry of Economic Affairs

The Financial Client Defense Authority will be attached to the Ministry of Economic Affairs, will have autonomy and functional independence and will be financed with the rates already mentioned for admitted claims. It will have a president and a vice-president who will be appointed by the Council of Ministers for a non-renewable period of six years. The authority will be organized into general directorates and sections, competent collegiate bodies to resolve claims.

The authority will have an advisory committee, made up of the president and vice-president of the authority, in addition to twelve members representing the Council of Consumers and Users, employers’ associations in the financial field and representatives of autonomous communities and cities, as well as two independent experts, from the academic field, with knowledge in financial matters.

Consensus tone in the Chamber

Regarding the debate in the chamber, both Idoia Sagastizabal, from the PNV, as well as Edmundo Bal, from Ciudadanos, and Ferran Bel, from the PDeCAT, wanted to praise in their interventions the work carried out during the processing of the bill, in from the different parliamentary groups and also from the Secretary of State for the Economy, Gonzalo García Andrés. Joan Capdevila, from Esquerra Republicana (ERC), has spoken in the same sense and has also celebrated the simplification of access to basic payment accounts through the processing of the bill

Txema Guijarro, from Unidas Podemos, has also celebrated the creation of this new agency, which he considers necessary to take into account, he says, “the trend of the financial and banking sector”, in reference to the “floor clauses”, the ‘revolving’ cards , “fraudulent” commissions and “denial of basic payment accounts”.

In fact, he recalled that at the end of last year, 212,969 judgments between banks and their clients were pending resolution. “In other words, our judicial system is not capable today of distributing such a thing, justice. Therefore, an extrajudicial and agile way of resolving conflicts is urgently required,” he added.

The PP complains about the “perversion” of the legislative process

Miguel Ángel Castellón, from the PP, has criticized having processed the bill through the urgent procedure, which reduces the time in half. He has even accused the legislative process of “perversion” by including amendments, says the deputy, amendments that “have nothing to do” with the bill itself. This has been said to a large extent by the amendment to eliminate at the last minute to make access to the PERTE Chip more flexible. Despite this, he has recognized that the text that is being debated in plenary session “is better” than the one that reached the Chamber and that is why the group’s abstention from him has advanced, as they already did in commission.

Vox has been the only group that opposes the creation of the organization. Of course, the spokesman in the group’s Economic Affairs committee, Rubén Manso, has acknowledged that the agency is going to decongest the courts “a lot” by eliminating the double jurisdictional and civil order that was included in the initial text.

However, he has emphasized that “it is not necessary to create a new institution or a new public body” every time there is a problem. He has also announced the possible risks that the new financing system may entail. Basically, he has said that if the organization’s financing will come from most of the worst-behaved entities, it will end up fostering legal conflict.

* This website provides news content gathered from various internet sources. It is crucial to understand that we are not responsible for the accuracy, completeness, or reliability of the information presented Read More

Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.

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