ADICAE edits two journals, the newspaper "The Economy for Consumers" and the magazine "Users". These publications are the ways to inform consumers about news on financial products; for example, published articles related to this topic were:
New savings products", "Inconsistencies in bank accounts", "The fine print in deposits", "Avalanche of deposits."
On investment funds: "Other ways of investing," "Managing saving-investment", "Defence on savings-investment".
About actions: "Sovereignty market for companies", "Terra Takeover Bid and Consumers' protection", "Commissions to Investments"
On the ethical investment: "Sentence on Savings protection", "Taking care on advertising"
- Other topics may be found at our website, such as shareholders' rights, pension schemes and so on.
SAVING-INVESTMENT TEST IN SPAIN
This study, "Test to saving-investment in Spain" is focused within the Project: "Challenges of consumers to new product offerings saving and investment," carried out by ADICAE and funded by the National Comsume Institute.
The purpose of the test is to analyze legally and economically contractual terms and forms of distribution and marketing among consumers of new savings and investment products, giving special significance to the dissemination among consumers in forms of defence before the special technical difficulty and understandingof the saving-investment sector products. The study, compilation and analysis of complaints and abusive practices in the sector is the core of the project.
The purpose of this notebook is to provide a support to claims for consumers so that they have a simple guide (within the complexity inherent in the themes of savings-investment) to make their claims on most of the problems and conflicts that arise regarding to savings- investment with financial institutions. After an intense study of the main bodies of extrajudicial resolution of conflicts in financial matters in our country, claims have been chosen according to the most common ones which affect consumers.
Saving-Investment Web And Product Comparative Tables
We have a web page all dedicated to small shareholders and investments, where consumers can find information for their savings, how to manage, and international information.
Available at our website, we drew up a questionnaire that helps the consumer to define his profile as an investor, and that may well get a clearer idea of what suits him and be able to compare different banking products . Furthermore, if the consumer didn't clear his mind, if he wished, he can send us his questionnaire, call or come to our offices in order to be helped by our organisation.
For conflicts with investment-saving products we help consumers to complain to financial companies.
Our department of consumer information and advice has gradually and steadily increased, what can be appreciated in the number of queries and complaints received and processed.
We mainly deal with conflicts such as lack of transparency in the functioning of banks and brokers in this area (as in the rest of financial services, since the contracts are just a cover for managers to justify any circumstances in their favour), the uncontrolled commissions which decrease the profitability of savings (and sometimes reducing it to ridicule), the vulnerability of small investor that can see their savings dissapearing, etc.
ADICAE, as an association which represents consumers in the Consultative Committee of the CNMV has participated in all discussions and talks on financial regulations affecting both consumers and small shareholders. In particular we must refer to the Law 22/2007, of July 11 on Distance Marketing of Financial Services to Consumers; Law 47/2007 of 19 December amending the Law 24/1988, of 28 July, the Spanish Law that transposed stock market into Directive 2004/39/EC (MIF), the Royal Decree 1066/2007, of July 27 on the Regime of Takeover Bids and several more.
The National Commission of Securities Market (CNMV) is the agency responsible for the supervision and inspection of spanish securities markets and the activity of all persons involved in them. Objective of the CNMV is to ensure transparency in the spanish securities markets and the correct price formation, as well as protection of investors.
The Advisory Committee of the CNMV is the system of advising of the Council's Commission. Its report is mandatory with previous character in the following cases:
- Approval of the Circular of the CNMV
- Imposition of sanctions for very serious infractions
- Processes of authorization, revocation and club operations of the companies of services of investment.
- Processes of authorization and revocation of the branches of companies of services of investment of nonmember countries of the EU.
Besides its advisory function with respect to the Council of the CNMV, the Advisory Committee informs the projects of dispositions of general character on matters related to the stock market that is sent to him by the Government or the Minister of Economy