What good is the Claims Report to me?
The Banco de España, through its Market Conduct and Claims Department (MCCD), annually publishes the Memoria de Reclamaciones (Annual Claims Report of the Banco de España, in Spanish only). The text, whose current edition comprises over 360 pages, can be browsed on the Bank’s website and downloaded as a pdf.
Yet what use is such a document to the average citizen? Is it of any everyday use? Well yes, it certainly is. What’s more, it can be of great assistance in your day-to-day relations with financial institutions, as it lays down the criteria set by the MCCD in the resolution of claims processed, classifying them on the basis of different products and services.
At the start of Chapter 3 there is a detailed breakdown of the different cases for which claims or consultations to the Banco de España have been made, illustrated in many instances with specific case-history examples.
If, for instance, you have finished paying your mortgage and wish to know whether the bank can charge you a fee for the certificate for its removal from the Land Registry, the section on mortgages on page 113 shows the principle adopted for this particular case.
Or, for example, your bank has blocked your account and you wish to know whether it has acted correctly. In this instance, the section on Bank Deposits on page 192 reveals the MCCD principle in cases where banks block accounts.
Browsing through the Report you can also learn, for example, in connection with which subjects most claims have been lodged, against which banks most claims have been made, or which banks have most frequently redressed their customers following a report issued by the Banco de España.
We thus encourage readers to consult the Report or, if you prefer, you can call us (900545454 / 913.388.830) or write to us at contact formand we will help resolve your doubts.