On Tuesday, the Council of Ministers is set to approve, for a second time, the creation of the Financial Consumer Defense Authority. This project stalled at the end of the previous legislative term because the Senate did not manage to grant its approval in time.
A decision from late November 2022 shows the then first vice president and minister of Economic Affairs presenting the proposal to the Council of Ministers after pressing for an urgent opinion from the State Council. The government hoped to receive this advisory input before giving the green light to the text, with the aim that parliamentary proceedings would allow the authority to be established in the first half of 2023.
Although the Congress validated the text on May 18, 2023, the call for general elections issued by the prime minister prevented the Senate from delivering its final approval.
Now, with Carlos Cuerpo leading the Ministry of Economy, the Council of Ministers is preparing to reauthorize the establishment of the Financial Consumer Defense Authority. This move will create a single, accessible window that is free of charge for users to file their financial complaints and grievances with greater ease.