And now, who will protect me? Three supervisors, one goal
Three supervisors, one goal: strengthening trust in the financial system.
Loans, accounts, shares, cards, pension plans, deposits, investment funds, securities, insurance… Depending on the product or service and where it is taken out, the information regarding appropriate commercialization is subject to the rules of supervisory bodies. There are three of them in Spain.
- The National Securities Market Commission (CNMV) monitors the functioning of equity markets, the solvency and good practices of investment firms and other intermediaries, as well as the commercialisation of securities, funds and other investment products. The CNMV is also in charge of ensuring the proper functioning of stock exchanges and other markets. Therefore, when buying shares or debt from a company, either through a bank or a securities agency, we must refer to the CNMV for further information or protection.
- The General Directorate for Insurance and Pension Funds (DGSFP) monitors the solvency and conduct of companies in the insurance sector, as well as the functioning of pension funds and their advisers. For instance: when you take out an insurance or a pension plan, insured and involved individuals are protected by the DGSFP.
- Banco de España (BE) supervises the solvency of banking institutions and their market conduct regarding commercialisation of banking products and services. For instance: when you open an account, you make a transfer, you pay with your card or apply for a loan, Banco de España protects you.
These three supervisors look after the solvency of institutions that operate in financial markets, while they also monitor the proper commercialisation of products and services. Three supervisors, therefore, different from each other but aiming at the same purpose: strengthening trust in the financial system hence promoting its stability.