Finantial Institutions

 

There are many different types of financial institution and it is worth understanding their main features and the differences between them.

Other entities exist that are supervised by other organisations such as the Directorate-General for Insurance and Pension Funds (responsible for insurance companies and pension funds) and the National Securities Market Commission (supervising investment services firms). However, these are not discussed here.

What does a finantial institution need in order to operate?

Institutions supervised by the Banco de España and registered with it, particularly credit institutions, need official authorisation to operate.

Institutions that can take deposits from the public: monetary financial institutions

As only credit institutions are allowed to take deposits, it is worth knowing which institutions you can open an account or make a deposit with.

Institutions not supervised by the Banco de España

Customers’ complaints against these businesses have to be dealt with through the general consumer protection mechanisms (through the relevant consumer protection agencies) or the courts.
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