- 90% of the information requests received by BME’s Ombudswoman Office come from retail investors
- Inquiries from issuing entities grow from 2% to 8% due to high demand for certifications required to carry out corporate transactions such as tender offers
- The report warns of the increase in potential scams through identity theft under the false pretext of offering investment products or advice on them
BME’s Ombudswoman Office published its annual report today, detailing its activity in 2025. Last year, it received roughly 1,200 calls and more than 700 emails. Once again, retail investors account for the majority of inquiries (90%, compared to 95% the previous year), while 2% of the information requests come from market members and entities (versus 3% in 2024) and 8% from issuing entities, which represents a strong increase compared to the previous year, when they accounted for 2%.
The 300% increase in inquiries from issuing entities is due to the high demand for certifications required to carry out certain corporate transactions, such as tender offers.
Regarding the type of information requested, market information dominates (47%). This category includes inquiries about changes in quoted securities, fees applicable to trading activity, or historical quotes of securities admitted to trading on the Spanish stock exchange.
11% of inquiries relate to inside information and other relevant information from issuers, with particular emphasis on tender offers carried out during this period, such as Neinor’s two-phase tender offer for Aedas, BBVA’s for Sabadell, or Inocsa’s for Grupo Catalana Occidente. Inquiries about shareholder remuneration and about trading suspensions and exclusions are also common.
Lastly, 42% of inquiries correspond to other miscellaneous matters, including topics such as voluntary renunciation of maintaining the registration of shares in Iberclear’s registry, or shares of companies in liquidation or excluded from trading, as well as securities traded on other markets and BME’s multilateral trading systems.
Once again, BME’s Ombudswoman Office has also carried out a guiding role in inquiries and complaints outside its remit, such as issues in trading on international markets, identity theft offering advisory services, or matters related to patrimonial loss for tax purposes. In addition to the inquiries received, the Office has managed 19 contentious inquiry cases.
Gloria Martínez-Picazo, BME’s Ombudswoman, explains that “the Office is open to anyone with questions about the execution of transactions in the stock market, with special attention to retail investors of all ages. Year after year, we appreciate a significant increase in financial education among investors, a key factor in resolving queries and avoiding claims files.”
One of the biggest risks for investors, once again this year, is potential scams involving identity impersonation by entities or firms (including BME) fraudulently offering investment services or financial advice. The report reminds us that BME never contacts individuals directly, does not offer investment services, does not request the delivery or transfer of money, and does not make investment recommendations.
Additionally, the Report includes a series of recommendations aimed at strengthening personalized and individualized attention to investors by the Customer Service of the entities, and urges them to proactively cancel fees associated with excluded and unproductive securities, following CNMV recommendations, as occurred this year with the costs related to shares of Seda de Barcelona and Abengoa warrants. Lastly, it urges the investor relations departments of issuers to carry out proactive work with their shareholders, particularly when they are the object or subject of operations relevant to the issuing company and therefore to its shareholders.
You can consult the report at this link.