The Congress of Deputies has approved a new law creating the Independent Authority for the Defense of Financial Clients, which will now be submitted to the Senate. The rule comes with important changes compared to the text sent by the Government, including the disappearance of the controversial rate of 250 euros per claim that, in the opinion of the banks, generated an incentive to denounce.
The new text includes not only modifications in the financing of the organization, but also in aspects such as complaints in bad faith or the ability of banks to appeal decisions. It has gone ahead with the abstention of the PP and the vote against Vox.
This new ombudsman for bank, insurer and financial product customers will bring together tasks that until now were carried out by the services of the Bank of Spain, the National Securities Market Commission (CNMV) and the General Directorate of Insurance and Pension Funds. Its objective is to promptly issue resolutions on claims for less than 20,000 euros.
One of the main changes in the parliamentary procedure has been that of financing. Faced with the initial approach, highly criticized by the banks by forcing them to contribute 250 euros for each complaint against them, the authority will continue to pay for itself through the entities, but through an annual rate calculated from the expenses generated in the previous year.
40% of the costs will be distributed among the entities in proportion to the number of claims received by each one of them, while the remaining 60% will be covered based on the resolutions favorable to clients registered by each entity.
This mechanism eliminates the perverse incentive for customers to report in bad faith, knowing that each file, regardless of its result, would cost the bank 250 euros. The norm will also include a penalty for those who report repeatedly in a period of one year and without foundation, the amount of which will range between 50 and 300 euros.
To calculate the annual rate, the costs of the authority in the previous year will be counted. At the beginning of each year, during the month of January, banks must make an advance payment.
The norm also eliminates the risk of unconstitutionality when it passes through Congress by guaranteeing effective judicial protection. In its initial formulation, the authority's resolutions were binding, but now banks dissatisfied with their content may file a contentious-administrative appeal before the courts.
The special protection for the elderly is also extended to other groups such as immigrants or the disabled. When the claim does not have an economic content and a violation of the codes of good practices signed by the banks is observed, the authority may impose an economic compensation in favor of the client of between 100 and 2,000 euros.
There is also a catalog of infringements for irregular practices detected among banks. They will oscillate depending on their severity, between 500,000 euros and 2 million euros. The authority may also fine executives of financial institutions responsible for irregular conduct with up to one million euros.
The rule will also force banks to disclose the existence of basic payment accounts and their conditions for customers. They must report them on their website and also on the bulletin boards of the branches.
In the halls of Congress, the Secretary of State for the Economy, Gonzalo García Andrés, has described the regulation as "definitive and very important" for the protection of financial clients. "The text has improved in the parliamentary procedure in fundamental aspects such as its financing, with a rate that generates incentives for entities."
He has also highlighted the new "link between civil jurisdiction and authority", as well as the new regime for access to basic bank accounts. "It will be a fundamental piece to reinforce financial inclusion and will give clients more confidence when contracting," while "it will be positive for entities by reducing litigation in court."
