The Investor Ombudsman is a role established by the four Spanish stock exchanges to act, independently, as an intermediary between investors and market participants. Their role is to handle complaints and enquiries relating to stock market operations, analyse potential issues and help ensure transparency, the proper functioning of the market and the protection of investors.
What Is the Investor Ombudsman?
Who is the Investor Ombudsman?
Ms Gloria Martínez-Picazo is the Investor Ombudsman for the Madrid, Barcelona, Bilbao and Valencia Stock Exchanges. In this role, she handles enquiries, complaints and grievances that investors, organisations or other individuals may submit in relation to stock market operations, with the support of the Investor Ombudsman’s Offices at each stock exchange.
General information
The ombusdman examine complaints, claims and challenges by investors regarding transactions on the Bolsa de Madrid and in relation to them analyse the actions of market members, institutions receiving orders, entities issuing securities and other parties involved in contested operations. A final report is drawn up which contains a proposed solution to the conflict and also suggestions and recommendations.
In short, the Ombudsman's functions are:
- Take preventative steps, endowing broker-investor relations with greater transparency which clarifies positions in conflicts when they arise and tries to avoid complaints and challenges.
- Reconcile the parties concerned, creating the conditions and having the resources (the procedure) to clarify issues and bring the sides closer together and the scope to reach an eventual agreement. Disseminate the annual report of the Ombudsman with the criteria and core doctrine, helping to bring about an end to the conflict and avoiding a Final Report.
- Act as arbiter and provide a channel for the issues and allegations that lead to the drawing up of a Final Report, which contains a proposed solution.
Information, in all directions. Prior to the presentation of the complaint, or subsequently, in order to show the investor how to proceed if the Ombudsman rules that he is not able to deal with the issue.
The following matters fall outside the functions and responsibilities of the Investor Ombudsman:
- Complaints whose processing and resolution could cause harm to third parties.
- Matters that are pending judicial resolution or that, after being submitted to the Investor Ombudsman, are brought before any judicial authority.
- Matters subject to arbitration proceedings.
- Complaints that are being processed by the customer ombudsman or an equivalent body of any entity.
- Claims that are pending before, or are submitted to, the Spanish National Securities Market Commission (CNMV) or the Complaints Service of the Bank of Spain.
Confidentiality. The information received from the parties involved will be treated as strictly confidential. Its use will be limited to enabling the Investor Ombudsman to gain an accurate understanding of the matter raised and to facilitate its proper resolution.
Summary nature of the procedure. The Investor Ombudsman will ensure that proceedings are conducted with the necessary promptness so that, while ensuring sufficient understanding of the issue raised, complaints are examined through a summary review and resolved without delay.
Formal nature of the procedure and regulated action. All complaints, communications and other procedural actions must be submitted in writing and in accordance with the internal regulations of each of the Stock Exchange Governing Companies.
The Office of the Investor Ombudsman will respond to enquiries made by telephone; however, complaints must be submitted in writing in order to be processed.
Party-initiated procedure. The Investor Ombudsman will act upon request of the interested party. Accordingly, the examination and resolution of complaints will be limited to the scope defined by the claimant in their written submission.
Free of charge. The services provided by the Office of the Investor Ombudsman, as well as the Ombudsman’s actions in resolving complaint procedures, will be carried out free of charge.
BME’s Ombudswoman Office Resolves 1,900 Calls in 2025, with more Requests from Issuing Entities
Contact the Investor Ombudsman Office
Through the four Stock Exchanges of BME, through the different enabled channels.
Ms. Gloria Martínez-Picazo
Gloria Martínez-Picazo is the Investor Ombudswoman of the Madrid, Barcelona, Bilbao and Valencia Stock Exchanges
Martínez-Picazo is the first woman to hold this position since this figure was created in 1991, whose objective is to inform and protect retail investors in the exercise of their rights, as well as arbitrate in the event of incidents that so required. The figure of the Investor Ombudsman has four main objectives: preventive function, conciliatory function, arbitration function and informative function.
Frequently asked questions
It is the institutional figure of the stock exchange that protects investors' rights, especially in any incident that occurs during the execution of a securities purchase or sale transaction.
1. Write your complaint:
The document must be signed by the person submitting the complaint.
Make sure to include the following information:
- Full name of the complainant
- Address for communication purposes (email or postal)
- National ID number or identification document
- An explicit statement that the complaint is not being processed by the Customer Ombudsman or any equivalent body of another entity (such as the Customer Service Department), nor is it pending or in progress before the National Securities Market Commission or the Complaints Service of the Bank of Spain.
Present the facts and provide evidence:
- Detail the key facts on which the complaint is based
- The persons or entities against whom the complaint is made or who are involved
- The specific request being made (e.g., refund, correction, compensation, etc.)
- Include documents or evidence supporting the complaint (emails, contracts, screenshots, etc.)
2. Send the written complaint:
By email to: protectorbolsamadrid@grupobme.es or by postal mail to:
Investor Protector’s Office
Palacio de la Bolsa – Plaza de la Lealtad 1 – 28014 Madrid
3. Wait for confirmation:
Once received, an acknowledgment of receipt will be sent and the review process will begin. The complaint may be rejected if bad faith, manifest lack of grounds, absence of a claim, or lack of jurisdiction of the Investor Protector is detected. In such cases, the interested party will be duly informed.
For the complaint to be properly processed, the signed document must include:
- Identification details (Full name of the complainant, email or postal address for communication purposes, National ID number or identification document)
- An explicit statement that the complaint is not being processed by the Customer Ombudsman or any equivalent body of another entity (such as the Customer Service Department), nor is it pending or in progress before the National Securities Market Commission or the Complaints Service of the Bank of Spain.
- A detailed description of the facts on which the complaint is based, identification of the persons or entities against whom the complaint is made or who are involved, and the specific request being made (for example, refund, correction, compensation, etc.)
- Supporting documentation and evidence for the complaint (emails, contracts, screenshots, documentary records, etc.)
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