The Council of Ministers approved this Tuesday the bill to create the Financial Client Defense Authority with the aim of it coming into force “at the end of 2024”, as detailed by the Minister of Economy, Carlos Body.
The norm was already approved by Congress in the previous legislature, but the early call for elections interrupted its parliamentary process, pending ratification in the Senate.
“The new defender will complete the financial inclusion model and complement the good practice protocol of recent years” to protect clients from the effects of interest rate increases, Corpo explained after the Council of Ministers meeting.
The new text, indicated the Minister of Economy, maintains the main measures of the rule that declined in Congress, including the binding nature of the decisions of the new authority for amounts less than 20,000 euros and the resolution period of 90 days.
The new authority will combine the consumer defense services of the Bank of Spain, the CNMV and the General Directorate of Insurance. It will not only target clients of banks, but also fintech, insurance companies, investment firms and cryptocurrencies.
The claim procedure will be free and there will be the option of personalized attention, indicated the minister. As already agreed, it will be financed through the entities themselves, according to a formula in which 40% of the cost will be distributed proportionally between the number of complaints received and the remaining 60%, based on unfavorable resolutions.
The Government considers that the new independent authority is “a project of special relevance”, which is why it will be given priority in parliamentary processing.
The new rule, it indicates, reinforces the right of access to the basic payment account, aimed especially at vulnerable groups, by simplifying the procedures and required documentation.
The electronic closing of bank accounts is also facilitated, so that cancellation will be as simple as opening.