2017 Ombudsman Report
- Retail investors accounted for 86% of information requests
- Numerous doubts and complaints associated with Banco Popular
The Madrid Stock Exchange Ombudsman managed 13,000 requests for information and dealt with 12 claims in 2017. Of all queries 86% were made by private investors. The fact that the Spanish stock market regulator – CNMV - and consumer associations refer them to the Ombudsman as a fast and impartial figure contributed to this.
A large number of enquiries received were associated with Banco Popular, "for which relevant information provided by the different bodies and entities involved was collected in order to contribute to its dissemination and dispel doubts", highlights Carlos Fernández, Madrid Stock Exchange Ombudsman. It is also worth mentioning the increase in requests for information about custody expenses incurred by investors in relation to securities suspended from trading that are inactive.
The number of claims handled increased slightly in 2017 for the third consecutive year. These are mostly non-contentious enquiries and they were resolved without recourse to allegations. This fact confirms the important conciliatory work that is carried out. Of all files handled 34% ended with agreement. The cases declared not to be within the Ombudsman’s jurisdiction (42% of the total) went from 2 to 5 as they were not preceded by consultation. Only one contentious enquiry was filed that contained some element of conflict.
As regards only its arbitration work, the Investor Ombudsman managed 6 claims, 4 of which were resolved by agreement. Another claim ended with a favourable report while progress with the remaining one was interrupted because it was already being handled by the entity against which the complaint was filed.
2017 Report available only in Spanish