Spain Will Use Spies To Watch Over Banks’ Abuses


Many hotels and services companies around the world use fake customers to assess the quality of their services, or their compliance with regulation. This is what Spain’s market authority intends to create for its national banking industry.

CNMV’s president Elvira Rodríguez announced on Wednesday they are expected to start this practice of “mistery shopping” in order to look closely into new financial products in the market.

“We need a legal framework, but it is something all Europe is doing,” Mrs. Rodríguez assured. European countries such as The Netherlands, Belgium or France have already implemented this practice.

The Spanish regulator has already deployed a model by which it could gain independence against the Ministry of Economy. CNMV’s is also expected to get permission for some tasks such as writing technical notes to develop EU regulation without needing the authorization of a national law.

Furthermore, the institution solved 7,078 complaints in 2013, double than previous year.

About the Author

Julia Pastor
Julia Pastor has broad experience in business writing for Consejeros Media Group at Consejeros, Consenso del Mercado and The Corner. Previously, she worked for the financial news agency GBA and contributed to El País Business. She holds a Master's in Financial Journalism and a degree in English from the Complutense University in Madrid.

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