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Unauthorised Financial Advisers in Spain : UPDATE

By David Goodall - Sat 2th Feb 2013

Many of the Financial Advisers operating in Spain are doing so without any regulation, with no authorisation and if anything goes wrong you the client has no recourse to putting this right. The only acceptable Spanish Regulators are :

The CNMV

The Comision Nacional del Mercado del Valores is the principal financial services regulator in Spain and responsible for authorising investment products. I can help recommend an CMNV approved adviser if required.

The DGS

The Direccion General de Seguros y Fondos de Pensions is the Spanish regulator for insurance products which can be marketed in Spain. Again, please feel free to contact me if you would like me to refer you to an approved adviser.

However, it is also right to point out, that, under European law, UK regulated firms can apply to be ‘passported’ into Spain. Under those conditions the adviser must be authorised in the UK. A recent change in the rules of the Financial Services Authority (FSA) surrounding qualifications means that many advisers are no longer authorised.

Also there will be future changes to the FSA which will I blog about in future.

To protect yourself, Please ask me to help with :

* Checking the regulation of an adviser you already know

* Checking if an advertisement you see is from a valid company

* Recommending properly qualified and regulated advisers who ARE authorised in Spain

Please feel free to post your comments or questions in the (below), however, for a more detailed response or no-obligation second opinion, please click though to my own page by clicking the link here.

Comment on this Blog

 
Maybe I am being a "'bit thick" but don't insurance and investment companies need to check a broker is regulated? Or is this just the UK that does this?
Big Bri - Wed, 20th Apr 2016
My original article written three years ago covers the question of regulation and authorisation. This has not changed; 'The CNMV The Comision Nacional del Mercado del Valores is the principal financial services regulator in Spain and responsible for authorising investment products' I hope this helps.
David Goodall - Wed, 20th Apr 2016
Regulation is a big problem in itself, but so many firms claiming to be regulated when they are not adds to the problem. Very confusing for consumers.
Angie Brooks - Thu, 12th Nov 2015
But there is a regulatory body that covers investment advice. The funds will be regulated wherever they are based, a QROPS is a trust. Trusts are not regulated but the investment given to the investor and trustees is a regulated activity. In Spain, this is the CNMV. This firm now appears to be saying the advice you received is unregulated. As the firm is not on the register of the CNMV, then that would confirm it. I think you need to get a Spanish speaker to call on your behalf. I doubt the regulator has much to do with the miriad of unlicenced UK IFA firms selling to expats.
Big Bri - Wed, 11th Nov 2015
I have had difficulty trying to contact CNMV, Is there a number I can ring with English speaking operatives?
William Mitchell - Tue, 10th Nov 2015
William, I think Angela may be worth contacting. I believe there are many in the same situation. The only regulatory body in Spain that covers investment advice and pensions advice is the CNMV. They make that clear on their warning brochures they issue to regulated advisers to hand to their cilents. But if you were not dealing with a regulated investment adviser then you will not have seen this brochure. It seems to me that any firm in Spain that says they are fully regulated( UK owned one anyway) are probably not when push comes to shove.
Big Bri - Fri, 6th Nov 2015
William, it all depends on what jurisdiction we are talking about.
Angie - Thu, 5th Nov 2015
Is there a regulatory body that governs investment portfolios generated from QROPS pension transfers.
William Mitchell - Wed, 4th Nov 2015

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