The bill would create a single body to complain against banks

Automatic summary, not yet reviewed

1. The bill would create the Independent Administrative Authority for the Defense of the Financial Customer, a public body that would resolve customer complaints against financial institutions free of charge, without the need for a lawyer or court representative.
2. Its decisions would be binding on financial institutions when the complaint concerns breaches of conduct rules or abusive clauses and the amount is under €20,000 or undetermined. The institution would have to comply within 30 working days, and could be fined if it does not.
3. Before going to the Authority, the customer must first complain to the financial institution's customer service department and wait one month without a satisfactory answer. After that, the customer would have one year to file the complaint with the Authority.
4. The procedure has short deadlines: the investigation may not exceed 45 working days and the decision 20 working days, with an overall maximum of 90 calendar days. If no decision is issued on time, the complaint is deemed rejected for the purpose of going to court.
5. If an upheld complaint has no monetary content, the decision could award the customer compensation of between €100 and €2,000. If the complainant acted in bad faith and loses entirely, a fine of €50 to €250 could be imposed.
6. The Authority would replace the complaint services of the Bank of Spain, the National Securities Market Commission and the Directorate General for Insurance and Pension Funds, which would stop handling complaints once the new Authority starts operating.
7. Institutions that fail to comply with binding decisions could be fined up to 2% of their annual turnover, with a maximum of €2 million for serious infringements, and their executives could also be sanctioned.
8. The bill would strengthen personalized service in financial services, taking into account each person's age, disability, place of residence and digital skills, and would promote financial education for the most vulnerable groups.

Who it affects

• Customers of banks, insurers, investment funds and payment services: They could complain free of charge to a single authority, without a lawyer, with decisions binding on the institution in many cases.
• Financial institutions: They would have to take part in the procedure, pay an annual fee and comply with binding decisions, facing fines if they do not.
• People over 65, people with disabilities and vulnerable groups: They would have adapted in-person, phone and online complaint channels, plus training programs aimed at them.
• Large companies: They do not count as financial customers, so they could not use this system.

Words worth knowing

Resolución vinculante (binding decision)

A decision the financial institution must comply with, although it can appeal to the civil courts.

Normas de conducta (conduct rules)

Rules requiring financial institutions to treat customers properly and give them correct information.

Cláusula abusiva (abusive clause)

A non-negotiated contract term that seriously and unfairly harms the customer.

Servicio de atención a la clientela (customer service department)

Each financial institution's internal department where customers must complain first before going to the Authority.

It summarizes the text passed by the full Congreso. It is written by artificial intelligence and may contain mistakes: the official text is what counts. Read the official text · How we make summaries