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Spain’s Watchdog Has Received Over 700 Pandemic Related Complaints

By  |  January 25, 2021

The mailbox enabled by Spain’s competition watchdog to identify practices against consumers registered 698 complaints from April to July, and still continues to receive complaints despite being disabled.

Almost 50% of emails have to do with alleged abuses in the financial sector, followed by insurance companies.

Thanks to the mailbox, the supervisor Cani Fernández has opened two investigations, one of them against some banking entities for trying to sell cross products while granting ICO credits.
Specifically, the CNMC faces three lines of investigation in the financial sector: see if some banks have sold “cross-products” when marketing loans (insurance, televisions or other appliances, alarm services), see if it has been taken advantage of the existence of these loans to restructure previous financial products and to see if the beneficiaries of said credits have had to disburse some type of previous payment not required by the ICO but by the banks.