The Government has decided to relaunch the law creating the Financial Client Defense Authority, which had been approved by Congress in the last legislature, but which did not end up prospering as it was pending approval in the Senate. The electoral call prevented the rule from completing the process.
Now the Ministry of Economy has decided to reactivate the law and has brought to public hearing a new text that respects the changes introduced in the parliamentary procedure. It is, he says, a “priority” project, so it will be processed urgently.
The new version respects the main change made in Congress, that of the withdrawal of the 250 euros that banks had to pay for each complaint presented to the new authority. This amount was considered by the entities to be a perverse incentive to complain.
Now 40% of the costs will be distributed between the entities in proportion to the claims received, while the remaining 60% will be borne based on the resolutions of each entity favorable to clients.
Despite this change, banks remain especially critical of this new authority, which they consider unnecessary. Its implementation is part of the coalition agreements between the PSOE and Sumar.
Complaints to the new financial ombudsman may be submitted free of charge within a period of 90 days. They will serve to detect possible abuses by banks, insurance companies and investment firms, including fintech companies and cryptoasset intermediaries.
