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El blog de Maria

Your daily Spanish Law reporter. Have it with a cafe con leche. www.costaluzlawyers.es

Legal tip 301. Will FIN-NET help?
Wednesday, June 16, 2010 @ 9:50 PM

The claims service of Bank of Spain is part of the net work....... 
 
FIN-NET is a financial dispute resolution network of national out-of-court complaint schemes in the European Economic Area countries (the European Union Member States plus Iceland, Liechtenstein and Norway) that are responsible for handling disputes between consumers and financial services providers, i.e. banks, insurance companies, investment firms and others. This network was launched by the European Commission in 2001.
 
Within FIN-NET, the schemes cooperate to provide consumers with easy access to out-of-court complaint procedures in cross-border cases. If a consumer in one country has a dispute with a financial services provider from another country, FIN-NET members will put the consumer in touch with the relevant out-of court complaint scheme and provide the necessary information about it.

Read more on page How to use FIN-NET.

Information directly obtained from the FIN-NET website 

Best wishes,

Maria

Puesta de Sol en Zahora por corcuman.

Sunset in Zahora, Costa de la Luz, Cadiz by Corcuman at Flickr.com

 

 

 

 

 

 

 



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Keith - FINCA PARCS ACTION GROUP said:
Thursday, June 17, 2010 @ 6:49 PM

For complaints involving Spanish Banks FIN-NET refers the complainant to Servicio de Reclamaciones del Banco de Espana - Complaints Service of the Bank of Spain.

The problem with the Banco de Espana complaints service is that:

1. It does not accept complaints that refer to transactions or events dating back more than 5 years - Due to construction delays etc I would imagine that many of the LEY 57/68 issues date back almost 5 years already, if not longer.....

2. It does not accept complaints that are subject to legal proceedings or court litigation - So the complaint to the BDE must be made BEFORE the legal action commences. This causes yet more delays.......

And the biggest problem with the Banco de Espana complaints service is:

The reports of the Complaints Service are not binding for institutions

Therefore, even if the Banco de Espana upholds the complaint in favour of the consumer, the Bank, Savings Bank or Financial Entity are under no obligation to adhere to the report of the BDE.

This is the problem - there does not seem to be any regulatory body in Spain who have a firm control over the Banks or Savings Banks and whose decisions are binding on the Bank.

Kind regards

Keith
FINCA PARCS ACTION GROUP

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