National Commission for Financial Markets sets out new complaints process under Law 189/2025 with a 15 working day provider response deadline

The National Commission for Financial Markets has published guidance on a new procedure for resolving complaints and petitions following the entry into force of Law No. 189/2025 on strengthening the protection of consumers’ rights in financial services. The procedure requires customers to first submit a complaint to their financial services provider and only then escalate the matter to the Commission or the courts if the response is unsatisfactory or absent. Financial services providers, including banks, insurers, non-bank credit organisations, payment service providers and investment firms, must respond in writing within 15 working days unless the law provides a specific deadline, and non-response is treated as a tacit refusal. Petitions submitted to the Commission must include evidence that the provider was approached first and, where applicable, the provider’s response; petitions filed directly with the Commission without prior provider escalation will be redirected to the provider, and improperly signed petitions will require remediation. The Commission will review petitions and communicate the outcome, and where it identifies abusive contract terms it will bring a court action seeking a declaration of nullity; eligible complainants include financial services consumers, insured persons or claimants (including legal entities) in compulsory motor third-party liability insurance, payment service users and e-money holders (including legal entities), and non-professional clients using capital market services. Separately, the Commission also reported participating in an Organization for Security and Co-operation in Europe workshop on the regulation and supervision of virtual assets.