The bill proposes a single body to complain against your bank

Automatic summary, not yet reviewed

1. The bill would create the Independent Administrative Authority for the Defense of the Financial Customer, a public and independent body that would resolve disputes between customers and financial entities without going to court.
2. Filing a complaint would be free for customers, with no lawyer or court representative needed. In-person, phone and online channels would be available, with personalized assistance for older people, people with disabilities and those at risk of financial exclusion.
3. Before going to the Authority, customers must first complain to the entity's customer care service or customer ombudsman. If there is no answer within one month, or the answer is unfavorable, the complaint can be filed with the Authority within one year.
4. Decisions would be binding on the financial entity when the complaint concerns conduct rules or abusive clauses and the amount is under €20,000. The entity would have to comply within 30 business days or face sanctions.
5. The procedure would be fast: the investigation stage may not exceed 45 business days, and the decision must be notified within 20 more business days, with an overall maximum of 90 calendar days from filing.
6. Either party could later go to the civil courts against binding decisions. Non-binding decisions would carry the weight of an expert report if the dispute reaches a court.
7. Entities that fail to comply with a binding decision could be fined up to 2% of their annual turnover, capped at €2 million, and their executives could be fined up to €1 million for serious violations.
8. The new Authority would be funded by an annual fee paid by financial entities, not customers, and would absorb the current complaint services of the Bank of Spain (Banco de España), the CNMV and the Directorate General for Insurance and Pension Funds.

Who it affects

• Customers of financial services: They could complain for free, quickly and without a lawyer against their bank, insurer or investment firm, and get binding decisions for amounts under €20,000.
• Financial entities: They would be required to take part in the procedure, comply with binding decisions, pay the annual fee and provide contract documentation.
• Consumer associations and vulnerable groups: They could file complaints on behalf of their members and sit on the new Authority's Advisory Council.
• Complaint services of current supervisors: They would stop handling complaints once the Authority starts operating, though they would keep their advisory role.

Words worth knowing

Resolución vinculante (binding decision)

A decision the financial entity must comply with, though it can later challenge it in the civil courts.

Cláusula abusiva (abusive clause)

A contract term, not individually negotiated, that causes a significant and unjustified imbalance against the customer.

Normas de conducta (conduct rules)

Rules requiring financial entities to treat customers fairly and give them proper information.

Defensor de la clientela (customer ombudsman)

A person or internal service at the entity that handles customer complaints before the Authority is involved.

Silencio desestimatorio (rejection by silence)

If the Authority does not answer in time, the complaint is deemed rejected and only a court challenge remains.

It summarizes the text as it was introduced. It is written by artificial intelligence and may contain mistakes: the official text is what counts. Read the official text · How we make summaries