|Preferential stocks in Spain|
|Supporting NCP(s)||None Selected|
|Description||Specific instance notified by an individual regarding the activities of several financial institutions in Spain.|
|Date||10 Jul 2012|
|Industry sector||Financial and insurance activities|
In July 2012 the Spanish NCP received 15 requests for review from an individual alleging that several financial institutions had breached the consumer interests provisions of the Guidelines in Spain. Specifically it was alleged that the financial institutions did not provide all relevant information to their clients before the sale of complex financial products.
After completing an initial assessment, the NCP closed the specific instance because all the issues at stake were being dealt with by the relevant national authorities.
However, in 2015 the individual renewed the request for the NCP's assistance. The NCP assessed the new petition and, after consulting the Government’s legal service of the Ministry, the NCP determined that the request did not merit further consideration thus closing the specific instance.