Los parliamentary groups have been given a period of two weeks To try to unclog the processing of the bill for the creation Of the new Financial Client Defense Authoritywith which the Government intends to revolutionize the system of claims resolution a banks, insurers and investment firms, as confirmed by parliamentary sources. The goal is to get around the risk that the project decay with the end of the legislature, as is expected to happen in the fields of affected companies and supervisors. As this newspaper revealed, both the Bank of Spain like the bank employers AEB and CECA they pronounced strongly against of the new body in the reports they sent to the Ministry of Economy last year before its final approval by the Council of Ministers.
Precisely, the economic vice president, Nadia Calvinohas publicly urged parliamentary groups on two occasions in the last week to expedite processing of the project. The number two of the Government has linked its claim to the fact that the new authority will be able to “Supervise” compliance by the banks of the codes of good practice, such as the recently expanded to restructure mortgages for vulnerable customers. “I think that we can’t make the game to those who want that this bill be get stuck in Parliament”, he claimed a few days ago in Congress.
The new body will resolve the claims that up to now have been filed with the Bank of Spain, the CNMV and the General Directorate of Insurance and Pension Funds of the Ministry of Economy. The department headed by Calviño has established that its decisions are binding for the entities (not for the clients) when the amount claimed does not exceed 20.000 euros. It represents the most far-reaching change, since the opinions of the three sectoral supervisors are not mandatory, which causes them to be ignored by entities in high percentages. Economics has also determined that the companies finance the organism with a rate 250 euros per claim received, while for customers it is free.
urgent processing
He term for the groups to present proposals for amendments to change aspects of the government project ended in principle on February 6, but it has been extended three times already, until this Wednesday. However, parliamentary sources explain, the idea is to expand it again in another two weeks, but in principle no more. TO early March would constitute the presentation of the Economy Commission that will prepare the report with the amendments that arouse sufficient support. Subsequently, said report and the rest of the amendments would be voted on in the Commission (unless it is requested to refer it to the plenary session). If any amendment to the entirety is presented, as is possible, the process would be delayed by a week. Under these conditions, the project could go off course. to the senate in principle in april or may, to later return to Congress for final approval if it has been the subject of any changes in the upper house. The Government, which requested a few weeks ago its urgent processingtrust that it will receive the final green light before summeralthough he is aware of risk of delay.
This Tuesday, precisely, the three days of appearances requested by the groups to take their final positions. On the part of the Government, the Secretary of State for the EconomyGonzalo García Andrés, has defended that it is “urgent” that the authority begins to function. “We are in an environment where the reputation and the perception that citizens and customers have about financial institutions still have problems in many areas, in some for dragged cases of the past, but in others they have to do with the fact that there are still elements of protection that they have to improve“, he argued.
Reputation and rate hike
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Calviño’s number two, along these lines, has highlighted that the “impact about families” of the rate hikes will generate one “increased attention” on the relationship between entities and clients, as has also been underlined by the “citizen concern” by financial inclusion in areas such as older and rural customers, where it is “very important” to check that banks meet the commitments they made last year. “Entities have doubts and inconveniences regarding this project in some areas, but we are convinced that this project will also it will be good for entitieswill reduce litigation and transaction costs and will help them have a better relationship with customers”, he defended.
Several of the parliamentary groups (PP, VOX, C’s, PNV and PdeCat) have asked the Secretary of State about some of the aspects of the project most criticized by the Bank of Spain and the banks, which in recent months have made ‘lobby’ to defend their positions and interests. In particular, they have questioned the rate of 250 euros per claim that the entities will have to pay. García Andrés, in this sense, has defended that the free for the customer is a “fundamental element” of the project and that the amount has been calculated to cover the maintenance cost of the authority according to the claims that it is expected to receive per year (about 100,000), although it has left the door open to vary said amount depending on the costs that the organization actually has once it starts operating.