September 23, 2020

The authority that will protect the mortgaged may impose its decisions on the bank | Economy

The authority that will protect the mortgaged may impose its decisions on the bank | Economy



This was confirmed yesterday by the Minister of Economy, Nadia Calviño, in her speech at the Congress. That the resolutions of the new organism have binding force supposes a revolutionary change with respect to what exists at present. On the one hand, the Bank of Spain has a consumer complaints office against banks, known as the Department of Market Conduct and Claims, which has a workforce of some 200 technicians and lawyers who attended some 40,000 inquiries last year. and 40,000 claims. However, when there is an opinion against the entity, they only pay attention to the Bank of Spain in less than half of the occasions, according to the latest data of October. And that happens because the supervisor's decisions in this field are not binding. A fact that generates enough anger in the body led by Pablo Hernández de Cos.

On the other hand, the National Securities Market Commission (CNMV) maintains an investor's department whose recommendations are not binding either. These have a little more success and get entities to listen to them in 58% of cases in which the report is unfavorable. Given this panorama, the idea now is to provide the new organism with enough muscle by giving its opinions that binding character.

As a result of the commission of investigation of the financial crisis, in the Congress the idea had extended that it was possible to create a species of model twin peaks (twin summits), by which the Bank of Spain and the CNMV would be distributed the tasks : the Bank would only be in charge of supervising the solvency of the entities, and the CNMV would be responsible for monitoring market behavior and protecting the consumer. However, he is not going to give time to elaborate something like that. It would take a long time to design a new supervisory architecture. And the law that was written by Guindos preserved the current structure of the supervisors. Although it did include a financial client protection authority. So it is most likely that this new institution is created as an organism separate from the others, in order to grant it greater independence.

The Ministry has already begun talks with the Bank of Spain and the CNMV to start this new institution that will take care of the banking, insurance, financial services and pension funds clients. You still have to figure out what your exact framing will be. And it has to be determined what will happen then with the claims office of the Bank of Spain and with the address of the investor of the CNMV. The president of the latter, Sebastián Albella, has claimed that in any case the decisions of this new authority are coordinated with these departments, so as to avoid different criteria.

Repair of damages

"It is proposed to create a customer advocate in the image and likeness of the Banking Ombudsman of the United Kingdom. It is a great advance that the resolutions of the new authority are binding on banks. But, in addition, in order to offer effective protection to bank customers, it should have the power to impose compensation for the damage caused to the financial consumer. In this new framework, the Bank of Spain would continue to be the financial police with sanctioning power, and the new authority would assume the function of resolving claims with power to force banks to repair the damage caused by their misconduct, "explains Fernando Zunzunegui , expert lawyer in financial matters.

The minister also announced that the new authority will be free for those citizens who resort to it. And it will not be necessary that they come from the hand of lawyers or solicitors, he added in his appearance.

Further, in the real estate credit law that is negotiated in Congress An amendment will be introduced to permanently endow the code of good practices designed to avoid evictions. That will allow, according to Calviño, that customers in a vulnerable situation who signed a mortgage after 2012 can also apply it. This way they will be able to exhaust all the possibilities of restructuring the debt that this code offers them before losing their home, said the minister.

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