The
National Securities Market Commission
(CNMV) has once again camouflaged itself to test banking entities and their way of marketing investment funds to their clients and has concluded, among other things, that they offer contradictory, limited and, sometimes incorrect when it comes to costs and fees to be paid by customers.
These are the results of the second exercise of
mystery shopping
or simulation of simulated clients in bank branches that the organization presented this Monday and that, despite the conclusions, it considers "more satisfactory than in the previous review."
In total,
800 visits
have been made
to the offices
of various banking entities distributed by large populations between the months of September and November 2020. As a result of these visits, the Commission has detected what it considers "
weaknesses
" in the way of marketing the funds investment among its customers by banks.
Specifically, it underlines that in some cases the information offered to the interested consumer
"was contradictory"
and that only in slightly more than half of the occasions the existence of costs was reported "spontaneously", observing, in addition, situations in which it was reported "incorrectly" of the non-existence of these, "even in the face of explicit questions from the simulated client".
The CNMV also highlights as a "weakness" that
in very few cases it was explained whether the advice was independent
or not independent and, in the cases in which explanations were provided, "they were often not correct."
Furthermore, although it is considered a good practice, some entities did not provide
explanatory documentation
regarding the advisory service in this previous phase and although it was frequently explained to the client whether a subsequent follow-up of the recommendations would be carried out, "it was also observed cases in which this information was never provided or was only provided after the simulated customer inquired about it.
"Likewise, during the year weaknesses have been identified in the verbal information transmitted, mainly in relation to the costs of the service or the products, when the funds were offered in the field of portfolio management or mere marketing," says the CNMV.
However, not all have been weaknesses.
After its
mystery shopping
exercise
-the second it has carried out since 2016-, the CNMV has also detected that on this occasion they have found a greater number of cases of third-party product offerings and no relevant situations have been identified in which the employee "condition" the client when the corresponding test was carried out.
According to the criteria of The Trust Project
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