Banca March has been sanctioned by the Banco de España
At its meeting on 20th December 2019, the Governing Council of the Banco de España resolved:
Fine imposed on Banca March, S.A., amounting to five hundred and twenty five thousand euro (€525,000) — after application of a reduction of 40% established in Article 85 of Law 39/2015 of 1 October 2015 on the general government common administrative procedure —, pursuant to Article 98(1) of Law 10/2014 of 26 June 2014 on the regulation, supervision and solvency of credit institutions, for the commission of a serious infringement, of the type defined in Article 93(f) of saidLaw 10/2014, consisting in the performance of actions or operations in breach of the rules issued under Article 5 of that Law.
Breaches of the applicable regulations (Order 2899/2011 and Banco de España Circular 5/2012) were detected, consisting of a failure to deliver the necessary pre-contractual information to customers in all cases, specifically, the information on the arrangement costs assumed. Also, shortcomings were established in the calculation of the APR contained in the pre-contractual information (personalised information sheet) and in the contractual documentation, owing to a failure to include all the relevant expenses and costs in such calculation. The information given to customers on the cost of related products was also deemed insufficient.
This sanction is a final administrative decision.