Need and timeliness of the draft law for the creation of the independent administrative authority for the defense of the financial customer
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Abstract
After several years of growing legal conflict in the financial sector, the aim is to create an administrative authority for the best protection of the client's interests. This idea complies with what is contained in the first additional provision of Law 7/2017, of November 2, which incorporates Directive 2013/11/EU, of May 21, into the Spanish legal system, regarding Alternative resolution of consumer disputes.
The changes that the draft bill undertakes are highly ambitious. Among the most notable, we have, on the one hand, the unification of the claims services of the different supervisory bodies of the financial sector (BE, CNMV and DGS) and centralizing them in said authority. On the other hand, it is intended to solve the faltering effectiveness of the resolutions of this type of services by making the resolutions of this authority binding when the amount claimed is less than 20,000 euros.
The preliminary draft shows interest in the pre-contractual relationship that is set up between the client and any of the financial service providers and expressly recognizes the asymmetric relationship between the parties. Other issues such as the possible sanctions for reckless claims or the scant development shown by the pre-legislator for financial education will be the object of analysis and reflection.
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