The Banco de España completed 146 supervisory actions to protect banking customers
25/04/2023
Last year, the Banco de España completed 146 supervisory actions focused on protecting banking customers, such as overseeing how consumer credit is marketed (responsible lending, revolving cards and tacit overdrafts), payment services (transfer of accounts, contractual modifications and basic payment accounts) and real estate loans.
Supervisory actions range from requesting information from entities about certain products and monitoring advertising, to surprise visits to branches throughout Spain. They apply both to the traditional sale of banking products, in offices, and to digital or telephone marketing.
The oversight of institutions’ conduct is an essential part of the Banco de España's supervisory function and is concerned with compliance with the rules of conduct and transparency on the part of banks and the protection of their customers.
- As a result of these supervisory actions, the following measures were adopted in the past year:
- 1 sanctioning case initiated
- 81 advertising requirements issued
- 25 requirements issued on other matters, such as the account transfer service, real estate credit and consumer credit
- 57 recommendations made on aspects related to customer information in offices about payment accounts, the provision of account transfer services and real estate credit.
Recently, the Banco de España published the Supervision Report,Abre en ventana nueva which includes all the activity of micro- and macroprudential oversight, conduct, surveillance and supervision of market infrastructures and the exercise of sanctioning powers, as well as the participation of the BE in international institutions dedicated to banking regulation and supervision.
The chapter dedicated to supervising institutions’ conduct explains how information and transparency obligations act as customer protection measures to preserve public trust in the banking system and thus contribute to promoting the stability of the financial system.
