ADICAE international

INTRODUCTION TO ADICAE,
Banks and insurance consumers' association OF SPAIN

Adicae is the only spanish association specialised in financial issues. We are present in all the spanish territory, with 21 offices in Saragossa, alicante, badajoz, cáceres, cádiz, castellón, esplugues, guadalajara, logroño, lugo, málaga, manresa, monzón, pamplona, pontevedra, oviedo, salamanca, santander, santiago de compostela, vilassar de mar, vitoria – gasteiz., and a total of 100.000 members.

In 1988, the association AICAR arose within the autonomous region of Aragon, specializing in the protection, training, complaints, information and claiming of the consumers' rights in banking and insurance services.

In 1990 Aicar is expanded at national level, and it is called ADICAE.

The creation of ADICAE is quite curious, because the concerns of the President himself since then, Don Manuel Pardos, (and of the others founding partners) about the real objective of the savings banks, were the main reason of the creation of this association.

In theory, savings banks in Spain must, unlike banks, not benefit from their business and must give part of their capital to the social work. In 1989 AICAR-ADICAE participated in the elections of IBERCAJA (one of the most important savings banks of Aragon, with 2,660,000 clients). In this moment Don Manuel Pardos, President of ADICAE, was elected as an alternate member of IBERCAJA directors' Board.

In 1993 the President of Adicae sued to IBERCAJA for its arbitrary refusal to incorporate him on the Board.

In 1994 the courts recognized the right of the President of ADICAE to be member of the Ibercaja Board.

On the 13th of November of 1995, ADICAE got a favorable sentence against IBERCAJA, for his opposition to the inclusion of Manuel Pardos in their Board.

We could say that this action led to the resignation of the President of Ibercaja.

Currently ADICAE provides consumers with services guidance, information and complaints regarding savings-investment.
ADICAE tries to offset the huge gap that exists between consumers and big financial institutions. ADICAE examines issues for the benefit of savers and raises the information with absolute independence from business, media and public authorities.

ADICAE is part of the Council of Consumers and Users of Spain, the highest representative body of consumers in our country and also is member of the Advisory Committee of the National Comission of the Securities Market and part of many other bodies representing consumer in order to defend them.

In 2007 ADICAE raised the following objectives for its action in the area savings-investment:

To provide consumers of basic training on the knowledge of all savings products investment: their characteristics, profitability and risks.
Advising and reviewing contracts related to avoid abusive clauses.
Pursuing and denouncing the bad practices of companies and investment services.
To promote changes in legislation to improve conditions for consumer protection and Spanish users.