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PROTECTION OF BANKING AND FINANCIAL PRODUCT USERS.

The protection of consumers and users is a must in a market economy and this should be combined with the principle of free enterprise, which is an especially sensitive issue when referring to the banking sector.

The existence of various applicable laws (e.g., Act 26/1988 on Discipline and Intervention of Credit Institutions; Legislative RD 1/2007 which approves the consolidated text of the General Law for the Protection of Consumers and Users; Act 7/1995 on consumer credit; Act 2/1994 on subrogation and modification of mortgage loans; Act 7/1998 on general contract conditions; Order dated 12 December 1989, complemented by the Order dated 5 May 1994, on transparency in the financial conditions of mortgage loans; and Circular 8/1990 of September 7, subject to successive modifications by subsequent Circulars of the Bank of Spain) create obligations concerning the dual requirement of transparency and information that financial institutions should offer to their customers.

Notwithstanding the above, there are a number of problems, e.g. regulatory differences and the resulting legal insecurity; the lack of banking regulation from the private perspective which is still true today; the lack of coordination between administrations; the lack of a system to resolve disputes that is truly effective for the user; the absence of the principles of consumer rights insofar as banking discipline standards are concerned; the lack of development of Autonomous Community competencies to regulate credit and banking as well as consumption issues, which results in a complex conflict casuistry.

IURIS Corporate has been focusing on consulting and litigation related to:

  • Complex banking products (asset-backed securities, certificates, structured products, warrants, etc.).
  • Claims on Preference Shares (financial securities, issued in perpetuity, with variable return, not guaranteed and that confer no rights over the company).
  • Claims on Subordinated Debentures (complex, long-term financial products with an issue date and a redemption date, quoted on a secondary market, subscribed for more than five years and consequently, when sold, can cause large capital losses, as their return is not guaranteed).
  • Claims on Mortgages with floor clause (the Supreme Court sentence dated 19 March 2013 has ruled that the floor clauses of mortgages are null and void in cases of lack of sufficient information and of partial information).
  • Claims on Mortgages subject to foreign currencies (because of its very structure and complexity, this multi-currency structure is lacking in adequate information and understanding).

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