HE new government The Financial Customer Defense Authority should be established beforehand. December 31, 2024 as one mandatory milestones to get 10.261 million Euro subsidies and 16.632 million seventh payment loans european funds In the first half of 2025. Vice President for Economics, Nadia Calvinocontained this commitment – which forces next Administratorwhatever the sign – in the appendix of the Spanish Rescue Plan, European Commission and this was confirmed by Brussels on Monday. Inside first version the plan in question June 2021, The Government of Pedro Sánchez had expressed its intention to create a new customer defense unit, but was not included as one of the milestones mandatory compliance.
Call general elections Why did it happen last July? invoice creation of new authority rot has already garnered broad and sufficient support from parliamentary groups and final extension for approval definite. So Congress gave it the green light in mid-May. 186 votes in favor (PSOE, Unidas Podemos, ERC, Ciudadanos, PNV, Blidu, Más País, PDeCat, Compromís, PRC and Canarian Coalition), 46 against (vox) and 95 abstained (PP, Junts and Foro Asturias). The text was already in the Senate and was expected to be approved within a few weeks. They dissolved the Cortes. But the project faces a problem very strong opposition by financial sectoras well as not encouraging supervisory bodies (Bank of Spain and National Securities Market Commission) or to CGPJ.
So there is a possibility decides not to form a new Government organism or no parliamentary support enough to take action. HE PPFor this reason, abstained in the May vote and I don’t wear the authority within him election programwhile his hypothetical partner Vox voted against on his day. Moreover, PSOEThe big supporter of the initiative would now have to do this. gather more support Given the new correlation of forces in the parliament. Calviño included this as a mandatory milestone to benefit from European funds. pressure on remaining political forces for one of their star projects to continue, especially no more new changes In the Recovery Plan.
Customer service and sustainable finance
With the establishment of authority, the new Government continue approval before the close of the customer service act 2024 was also rejected He called for general elections to be held while the parliamentary process was in its final stages. seventh payment from European funds. “The new customer service law will define actions that guarantee customers consumers his exercise rights will establish quality standards and quality requirements regarding the signed contracts. control or supervision To verify the implementation of the above-mentioned actions,” states the annex to the recovery plan.
Similarly, the Administration has adopted many new commitments regarding: sustainable finance To obtain a subsidy of 4 billion 76 million euros and a loan of 14 billion 916 million euros sixth payment European funds second half of 2024. In particular, the Government needs to publish a report before the end of 2023. Green Book (Calviño has already announced his intention to bring the matter to a public hearing shortly) and also a Sustainable Finance Council (“promoting public-private cooperation”), together with public administration, financial auditors and representatives of companies. Another relevant milestone has already been achieved: The first biennial climate change risk report For the financial system, as reported by El Periódico de Catalunya of the Prensa Ibérica group at the beginning of September.
new organism
Since the Financial Customer Defense Authority has almost been approved and will probably be relaunched with its main features, new organism will take administrative decision allegations Customers offer banks, insurers and investment firms. It will also touch upon other areas not covered so far; such as consumer loans. unregulated lenders by the Bank of Spain or crypto assets. Similarly, it may decide on requests that do not have specific economic content, such as rejecting the basic payment account (which is to be granted). vulnerable groups It is mandatory for banks except in high value cases or where good practice rules such as mortgage law are not followed. They can go to him individuals, freelancers and SMEsbut not big companies.
The biggest innovation brought by the new organization is that its decisions binding on assets (not for customers) for requests under 20,000 Euros. Considering the views of claims services, this represented a significant change. Bank of Spain, CNMV and General Directorate of Insurance They don’t, which means they are ignored by financial companies to very significant extents. Of course, in order to comply with the constitutional principle of effective judicial protection, customers and companies will be able to apply to the court. law courts if they disagree with authority. However, the opinions of the institution will be taken into account. expert report.
I was going to the new organization free for customers Additionally, financial institutions that do not require an attorney or solicitor and can voluntarily use the standard request submission form. On the other hand, companies will have to finance it. Initially they were going to pay 250 euros per request against what is taken. However, this rate caused legal doubts and eventually changed by a system that punishes the organizations that make the most statements against it. Like this 40% of operating cost The institution’s share will be distributed proportionally. number of complaints While each financial institution is resolving the total of resolved receivables, 60% left will be distributed proportionally. number of positive reviews To the plaintiffs of each organization regarding the total of the decisions in favor of the customers.