Banking Supervision

Sanctions imposed by the Banco de España

Under the provisions of Art. 115.7 of Law 10/2014 of 26 June 2014 on the regulation, supervision and solvency of credit institutions, the Banco de España shall publish on its website the sanctions and reprimands imposed in relation to serious and very serious infringements within 15 working days from the date on which such sanctions and reprimands have become final pursuant to administrative proceedings. Where appropriate, and if it is so resolved, the identity of the person subject to the sanction or reprimand may remain confidential.

In compliance with this obligation, the following table includes a reference to the aforementioned sanctions and reprimands imposed by the Banco de España since the entry into force of Law 10/2014, referring to the appeals for judicial review, if any, lodged against the sanctioning resolution, and the outcome thereof.

Publication date Information on infringements and sanctions imposed Decision date Status
18/11/22

Decision: Fine on COFIDIS, S.A., Sucursal en España, amounting to one million five hundred thousand euro (€1,500,000), after application of the 40% reductions provided for in Article 85 of Law 39/2015.

Reason: Serious infringement for breaches relating to the provision of the pre-contractual information and the content of such information and of the contractual documentation in the period from 1 January 2016 to 31 December 2017.

Applicable legislation: Law 39/2015, Law 10/2014 and Law 16/2011.

 24/10/22 Final decision
18/11/22

Decision: Fine on COFIDIS, S.A., Sucursal en España, amounting to three million euro (€3,000,000), after application of the 40% reductions provided for in Article 85 of Law 39/2015.

Reason: Serious infringement for breaches in the period from 1 January 2016 to 31 December 2017 relating to: (1) the systematic inclusion in the loan application documents of a clause indicating that the customer was simultaneously and indissolubly applying for a line of credit, whose use was encouraged by the Entity and which bore little relation to the financing originally sought by the customer in terms of manner of repayment and cost; (2) shortcomings in the marketing of payment protection insurance relating to customers’ consent; and (3) shortcomings in the content of the interest and commission settlement documents sent to customers.

Applicable legislation: Law 39/2015, Law 10/2014, Ministerial Order 2899/2011 and Banco de España Circular 5/2012.

 24/10/22 Final decision
18/11/22

Decision: Fine on D. Juan Sitges Serra, former general manager of COFIDIS, S.A., Sucursal en España, amounting to thirty thousand euro (€30,000), after application of the 40% reductions provided for in Article 85 of Law 39/2015.

Reason: Serious infringement for breaches relating to the provision of the pre-contractual information and the content of such information and of the contractual documentation, in the period from 1 January 2016 to 31 December 2017.

Applicable legislation: Law 39/2015, Law 10/2014 and Law 16/2011.

 24/10/22 Final decision
18/11/22

Decision: Fine on D. Juan Sitges Serra, former general manager of COFIDIS, S.A., Sucursal en España, amounting to sixty thousand euro (€60,000), after application of the 40% reductions provided for in Article 85 of Law 39/2015.

Reason: Serious infringement for breaches in the period from 1 January 2016 to 31 December 2017 relating to: (1) the systematic inclusion in the loan application documents of a clause indicating that the customer was simultaneously and indissolubly applying for a line of credit, whose use was encouraged by the Entity and which bore little relation to the financing originally sought by the customer in terms of manner of repayment and cost; (2) shortcomings in the marketing of payment protection insurance relating to customers’ consent; and (3) shortcomings in the content of the interest and commission settlement documents sent to customers.

Applicable legislation: Law 39/2015, Law 10/2014, Ministerial Order 2899/2011 and Banco de España Circular 5/2012.

 24/10/22 Final decision
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