The Complaints Service of the Banco de España was created pursuant to Ministerial Order of 3 March 1987 on the liberalisation of interest rates and fees and on the standards of conduct for deposit institutions.
The Order gave the Banco de España the power to receive and handle complaints from customers of deposit institutions about to actions that could be in breach of regulatory and disciplinary rules or good practices. The service began operating on 1 September 1987.
Over the years, this and subsequent regulations, together with the circulars issued by the Banco de España, established as general principles the freedom to set prices for banking products and services and customer protection based on transparency and dispute resolution.
Initially, the service operated as a unit within Legal Services. It is currently managed by the Institutions’ Conduct Department, which is part of the Directorate General Financial Conduct and Banknotes.
The Complaints Service has seen first-hand how the relationship between customers and financial institutions has evolved in an ever-changing environment. With the wider use and increasing digitalisation of financial services, new players have emerged and financial institutions in the Spanish market have undergone structural changes.
Against this dynamic backdrop, the analysis of complaints provides a useful empirical indicator. From both a quantitative and a qualitative perspective, it helps identify possible breaches of conduct regulations by institutions.
Since its creation the Service has handled around 400,000 complaints, and it has dealt with over 600,000 enquiries, both in writing and by telephone, since 2003.
As regards international collaboration, in 2001 the Banco de España co-funded FIN-NET, a European network of dispute resolution systems in the financial field. FIN-NET promotes the exchange of experience and cooperation among national ombudsmen in financial services within the European Economic Area. The Banco de España also participates in the International Network of Financial Services Ombudsman Schemes (INFO Network).
Finally, it is important to note that the analysis of complaints also contributes to creating a doctrine on good banking practice. These criteria complement national and European financial services regulations and have in some cases been incorporated as positive law provisions.