Spanish Securities Commission publishes 2025 investor complaints report with only 27 claims left unsatisfied after favorable findings

The Spanish Securities Commission published its 2025 report on investor complaints and inquiries, showing a continued rise in case volumes and a high rate of non-judicial resolution. Its complaints service received 1,398 submissions, mainly from individuals resident in Spain and filed through digital channels. Of complaints admitted for review, 40.6% ended with a finding against the claimant, 34.1% were settled between the parties before the Commission issued a view, and 23.3% resulted in a finding in favor of the investor. In 82% of those favorable cases, firms said they accepted the Commission's criteria and or corrected the situation, leaving only 27 cases in which the claimant's demands were not met. The most common complaints concerned the information firms provide after delivering an investment service, accounting for 24.9% of cases, followed by incidents affecting buy and sell orders at 20.9% and fees charged at 17.7%. By product, 42.3% related to collective investment undertakings and 57.7% to other securities such as equities, private fixed income, structured products or derivatives. Complaints were directed mainly at credit institutions, especially banks. Separately, investor inquiries rose 21.09% from the previous year to 12,538, with telephone contact accounting for 83.45% of the total. The main topics were the Commission's functions and services, especially investor alerts, complaints procedures and general guidance, and issues involving unregistered firms and other fraud warnings, including cases where firms impersonated authorized entities. Newer inquiry topics included the Markets in Crypto-Assets Regulation and the application of its transitional regime.