April 21, 2021

The CNMV detects that banks still sell poorly complex products

The CNMV detects that banks still sell poorly complex products


MadridUpdated:

The scandals by poor commercialization of preferred shares and subordinated debt among small saversBy offering them products that are too risky for their profile, they would not have completely finished with this "malpractice". The National Securities Market Commission (CNMV) reported yesterday in a statement that it has detected cases in which the information to be collected by banks and investment services companies of its users to sell complex products overvalue "significantly" the training, financial knowledge and investment experience of these consumers.

"In some cases this incidence affects a high number of clients," says the agency chaired by Sebastián Albella, who warns that The CNMV is already acting, even through sanctions, to correct this type of situation. In this sense, the stock exchange supervisor advances that during this year it will make a specific action to review that the information that the banks have about their clients is reliable to evaluate the suitability or suitability of their investments. This inspection, warns, "will affect a significant number of entities."

The CNMV recalls that an inadequate evaluation of the risk profile and the suitability of the investments "may imply the sale or recommendation of inappropriate products for customers". In addition, the agency insists on the need for entities to have processes for the detection and correction of possible errors of this type.

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