The system for protecting financial customers in the European Union is a mature one, based on four pillars: first, self-regulation by intermediaries is promoted (customer service departments); second, binding rules are enacted in this area (some very detailed, such as MiFID); third, the relevant administrative authorities are tasked with monitoring compliance with the rules (Banco de España, the CNMV and the Directorate-General for Insurance in the Spanish case); and fourth, the courts of justice perform a final function in the system, ensuring compliance with those rules of conduct for financial intermediaries.
José María Roldán, President of the Spanish Banking Association
