urgent action
The parliamentary groups have two weeks to push through a plan that reorganizes how invoices are handled and creates a new Financial Client Defense Officer. The government aims to overhaul the current system by coordinating with banks, insurers, and investment firms, a goal confirmed by parliamentary sources. The intent is to reduce the risk that the project falls into stagnation as the legislature closes. When the session ends, the companies and auditors involved are expected to adapt within their sectors. As this report notes, the Bank of Spain along with major employers like AEB and CECA issued strong objections to the new institution in their reports to the Ministry of Economy prior to the final approval by the Council of Ministers last year.
In recent days, Nadia Calviño, the deputy prime minister for economic affairs, has publicly pressed the parliamentary groups to expedite the plan. She argues that the new authority would provide an authoritative audit of bank practices and align with codes updated to support vulnerable customers during mortgage restructurings. It is claimed that delaying the invoice process harms those who rely on this mechanism, a point emphasized in Congress a few days ago. The government contends the reform is essential to restore confidence among customers and the broader financial system, while balancing the needs of lenders and service providers. A detailed outline of the authority’s scope and its binding nature is being framed for decisions that affect both institutions and customers alike.
The new body is designed to settle pending complaints currently being reviewed by several oversight entities including the Bank of Spain, the CNMV, and the General Directorate of Insurance and Pension Funds. The ministry, under Calviño, has indicated that decisions made by the new authority will be binding on organizations when the requested amount does not exceed 20,000 euros. This represents a significant shift in oversight, as it marks the most far-reaching change since the industry’s auditors last reviewed the sector. The plan also clarifies that certain fees, such as a 250-euro charge per claim, may be applicable, though a portion is proposed to be waived for customers. The aim is to streamline operations while safeguarding consumer rights and reducing unnecessary litigation.
Reform timeline and parliamentary risk
The groups are being asked to submit their final position as the government’s project undergoes ongoing refinement. The plan, which initially concluded in principle on February 6, has already seen multiple extensions and directions, with a broader window being discussed through the current week. Parliamentary sources explain the intention to expand the window by a further two weeks, though a fixed timeline is uncertain. The concept now foresees a report from the Economic Commission in early March, incorporating changes that garner sufficient support. After the report, amendments may be considered in plenary, and if broad changes are proposed, the process could be slowed by a week. Depending on how amendments move through the upper chamber, the bill could return to Congress for final approval. The Government expects a final green light before summer, though it acknowledges the risk of delays.
On Tuesday, the groups were invited to present their final positions. The Minister of State for the Economy, Gonzalo García Andrés, argued that the new authority would begin operating promptly. He noted that public perception of financial institutions remains uneven and that past issues still influence trust in many areas. He urged the groups to acknowledge the necessity of reforms that address lingering concerns while enabling responsible action by lenders and service providers.
Reputation, costs, and consumer protection
The deputy prime minister’s team stresses that the proposed changes will draw heightened scrutiny to the relationship between institutions and customers. They highlight that consumer concerns, especially among older and rural clients, must be addressed to ensure banks fulfill their commitments made in the previous year. Stakeholders acknowledge that some objections about the project focus on the 250-euro fee per claim. The government presents the fee as a basic component meant to cover administrative costs, while allowing for variability based on the actual operating costs incurred at the start of implementation. In this view, the reforms can lower overall costs for institutions by reducing litigation and transaction expenses, thereby strengthening customer trust over time.
Several opposition and regional groups—PP, VOX, Cs, PNV, and PdeCat—have raised concerns about the project. They argue that the fee structure creates an uneven burden on businesses. The government asserts that the fee is necessary to sustain the administration while keeping customer charges reasonable, and that the total annual impact would be limited, with the majority of costs offset by efficiencies gained in the process. While the exact amount remains adjustable, officials stress that the plan is designed to improve the experience of users of financial services, especially those who feel underserved by the current system. The dialogue continues as the Economic Commission weighs potential modifications before presenting a refined bill to Parliament.