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Preliminary draft bill for the creation of an independent administrative authority for financial services consumer protection

April 2022

On April 5, 2022, the Spanish Council of Ministers approved the Preliminary Draft Bill for the Creation of an Independent Administrative Authority on Financial Services Consumer Protection (hereinafter, the "Draft Bill"), to apply a set of changes to the relationship dynamic of financial institutions with their clients.

The public hearing of the Draft Bill will remain open until May 12, 2022, and, in any case, its entry into force would be conditioned to the existence of a budget allocation and therefore we would have to wait until the 2023 General State Budget Law is approved.

Our experts analyze the key developments of this Draft Bill.

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Preliminary draft bill for the creation of an independent administrative authority for financial services consumer protection
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Authors

Portrait ofRicardo Plasencia
Ricardo Plasencia
Partner
Madrid
Andrea Salgueiro