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CNMV ‘Mystery shopping’: banks give contradictory information to clients seeking funds

Review in marketing


This is the second initiative of this type carried out by the supervisor and, despite detecting “weaknesses” in the marketing, highlights “more satisfactory results”

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, on occasions, incorrect information in what it concerns the costs and commissions that customers must pay.

They are the results of the second exercise of mystery shopping or simulation of simulated clients in bank offices that the organization presented this Monday and that, despite the conclusions, it considers “more satisfactory than in the previous review.”

In total there have been 800 visits to 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 commercializing investment funds among their clients by banks.

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Specifically, it underlines that in some cases the information offered to the interested consumer “it 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 the non-existence of these was “incorrectly” reported, “even in the face of explicit questions from the simulated customer.” .

The CNMV also highlights as “weakness” that in very few cases it was explained whether the counseling was of the independent modality or not independent and, where explanations were provided, “they were often not correct”.

Also, although it is considered good practice, some entities did not provide explanatory documentation referred to the advisory service in this previous phase and although it was frequently explained to the client if a subsequent follow-up of the recommendations would be carried out, “there were also cases in which this information was not provided or was only provided after the client simulated wonder 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 products, when the funds were offered in the field of portfolio management or mere marketing”, points out the CNMV.

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However, not all have been weaknesses. After your exercise of mystery shopping -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 “conditions” the client when the corresponding test was carried out.

According to the criteria of

The Trust Project

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