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Financial regulator moves to protect investors in Spain
• CNMV proposes to create a register of customers and unsuitable products
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EXPATS could benefit from new measures being introduced by Spain’s financial regulator (CNMV) to limit the sale of certain investment products.
The move is aimed at offering greater protection to small investors who get into financial difficulty after being badly advised about the suitability of certain products.
Under the new rules, financial advisors will be obliged to provide a ‘clear description’, signed and in writing, of how each client can meet their objectives and what investments are most appropriate.
When products are sold, customers will be provided with a signed document evaluating the investment – and in the absence of sufficient information this should be laid out clearly.
What’s more, the CNMV proposes a register of customers and unsuitable products ‘to prevent products being offered that have previously been evaluated with negative results’.
The news will be welcomed by the many expat investors who claim to have lost thousands after receiving dodgy advice from unregulated advisors.
In June, a dozen expats joined forces to take legal action after they claimed they were mis-sold by David Driver, boss of Offshore Investment Brokers (OIB).
Mijas-based investor Paul O’Connell, 55, was advised by Driver to take out a €260,000 10-year loan secured against the value of his property – but the investment failed to deliver the returns he had promised.
Driver has since fled to the UK.
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