Pablo Muelas analyzes the DGSFP supervisory note on credit protection insurance | Expansión

Despite its logic and simplicity, Article 18 of the Building (Unified Regulation) Act continues to give rise to interpretative problems in higher court case law. It has not quite found its place alongside Article 1145 of the Civil Code and Article 43 of the Insurance Contracts Act.

Act 10/2025 amends Act 44/2002 and requires the updating of regulations for customer services. It comes into force on 28/12/2025, with a twelve-month adaptation period. It enhances accessibility and personalised assistance; it prohibits answering machines and call forwarding from toll-free numbers to paid lines. It requires the separation of customer services from commercial functions and specialised staff training, including assistance to vulnerable groups. It also expands customer information, prohibits complaints by telephone and allows co-official languages. It also establishes acknowledgement with an identification code and new grounds for non-acceptance; sets a deadline of one month for resolving complaints to customer services and ninety days for complaints to the Directorate-General for Insurance and Pension Funds, and specifies the requirements for acceptance.

The Court of Justice of the European Union (Fourth Chamber), in its judgment of 1 August 2025, case C-665/23, IL v. Veracash SAS, concludes that a payer is deprived of the right to reimbursement of the amount of an unauthorised transaction if he or she delayed in notifying his or her payment service provider of the unauthorised payment transaction, even though he or she did so within 13 months from the debit date. This interpretation of the Payment Services Directive is applicable in Spain (Art. 43 RDL 19/2018) and appears to be retained in the future Regulation on payment services.

The content of the Directive on credit servicers and credit purchasers, only of non-performing credit (NPC), has been transposed into Spanish law more than a year late. The Bill introduces the administrative regime for credit servicers and amends, among others, the Consumer Credit Act and the Real Estate Credit Agreements Act.

A few thoughts on Articles 7 through 10 of the Public Service of Justice (Efficiency Measures) Act 1/2025 of 2 January.

The reform of the Prospectus Regulation to facilitate access to funding through securities markets, especially by SMEs, is pending publication in the OJEU.

The regulation of bank restructurings is not favourable to consumers.

The recent adoption of the Corporate Sustainability Due Diligence Directive will lead to the adoption by large companies of a due diligence system. The basis for its design is an analysis of the risks that business activities may have a negative impact on the environment and human rights. The financial sector has been taking these issues into account for years.

These increasingly frequent practices raise numerous concerns regarding their legality under securities market law.