Following a flood of financial services complaints from consumers in Spain, the government is planning to create a consumer protection authority, Reuters reported Tuesday (April 5).
The new agency’s mission would be to guarantee banks and financial institutions (FIs) meet their obligations toward customers, particularly elders; respond to complaints of unfair lending practices and those who have been denied services.
“(Financial services) is the area with the highest number of complaints from citizens, and one that has a very high degree of litigation,” Spain’s Vice President and Minister for Economy and Digitalization Nadia Calviño told reporters, according to the news outlet.
The as-yet unnamed authority would take on a number of duties currently performed by various state bodies, including Spain’s central bank, the National Stock Market Commission (CNMV), and the country’s Pensions and Insurance regulator (DGSFP).
The independent authority would be created under the Ministry of the Economy, aiming to correct the shortcomings of Best Practices guidelines that have allowed banks a wide margin to directly renegotiate terms with customers, which some critics have said leaves consumers at a disadvantage.
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
EU Conducts First-Ever Raids on a Company Under Foreign Subsidies Regulation
Apr 23, 2024 by
CPI
FTC Moves to Ban Non-Compete Agreements, Aiming to Boost Labor Mobility
Apr 23, 2024 by
CPI
Federal Judge Nods at $418M Deal in Real Estate Antitrust Suit
Apr 23, 2024 by
CPI
Mexican Watchdog Probes Amazon and Mercado Libre Over Loyalty Bundles
Apr 23, 2024 by
CPI
Competition Commission of India to Probe AI Landscape for Competition
Apr 23, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Economics of Criminal Antitrust
Apr 19, 2024 by
CPI
Navigating Economic Expert Work in Criminal Antitrust Litigation
Apr 19, 2024 by
CPI
The Increased Importance of Economics in Cartel Cases
Apr 19, 2024 by
CPI
A Law and Economics Analysis of the Antitrust Treatment of Physician Collective Price Agreements
Apr 19, 2024 by
CPI
Information Exchange In Criminal Antitrust Cases: How Economic Testimony Can Tip The Scales
Apr 19, 2024 by
CPI