For conflicts with investment-saving products we help consumers to complain to financial companies.
Our department of consumer information and advice has gradually and steadily increased, what can beappreciated in the number of queries and complaints received and processed.
We mainly deal with conflicts such as lack of transparency in the functioning of banks and brokers in this area (as in the rest of financial services, since the contracts are just a cover for managers to justify any circumstances in their favour), the uncontrolled commissions which decrease the profitability of savers (and sometimes reducing them to ridicule), the vulnerability of small investor that can have their savings dissapeared, etc.
ADICAE, as an association which represents consumers in the Consultative Committee of the CNMV has participated in all discussions and arguments about the financial regulations affecting both consumers and small shareholders. In particular we must refer to the Law 22/2007, of July 11 on Distance Marketing of Financial Services to Consumers; Law 47/2007 of 19 December amending the Law 24/1988, of 28 July, the Spanish Law that transposed stock market into Directive 2004/39/EC (MIF). And the Royal Decree 1066/2007, of July 27 on the Regime of Takeover Bids.
The National Commission of Securities Market (CNMV) is the agency responsible for the supervision and inspection of spanish securities markets and the activity of all persons involved in them. Objective of the CNMV is to ensure transparency in the spanish securities markets and the correct price formation, as well as protection of investors. The Advisory Committee of the CNMV is the system of advising of the Council's Commission. Its report is mandatory with previous character in the following cases:
- Approval of the Circular of the CNMV
- Imposition of sanctions by very serious infractions
- Processes of authorization, revocation and club operations of the companies of services of investment.
- Processes of authorization and revocation of the branches of companies of services of investment of nonmember countries of the EU.
Besides its advisory function with respect to the Council of the CNMV, the Advisory Committee informs the projects of dispositions of general character on matters related to the stock market that is sent to him by the Government or the Minister of Economy