Claiming to the CNMV and the Insurance Compensation Consortium

These are 2 distinct claims in the financial and insurance sectors. The claim to the CNMV (the Spanish National Securities Market Commission) is directed against banks, brokerages or securities firms and other investment service companies when they breach conduct rules. This includes selling a product unsuited to your profile, hiding risks or costs, or charging improper commissions.

The claim to the Insurance Compensation Consortium (CCS), a public entity attached to the Ministry of Economy, Trade and Business through the Directorate General of Insurance and Pension Funds, covers 2 areas. Firstly, damages from extraordinary risks (floods, earthquakes, atypical cyclonic storms, terrorism) that your company does not pay because the Consortium assumes them. Secondly, it acts as a guarantee fund in traffic accidents caused by uninsured, unknown or stolen vehicles.

Neither claim has a tasa (official fee). They are free for citizens. The cost of Managora's service, which drafts and submits the claim for you, is updated on the procedure's page.

Any investor, whether a natural or legal person, retail or professional, who has a dispute with an investment services company regarding their rights and interests can claim to the CNMV. This includes inadequate advice, deficient information, unagreed commissions or poor execution of orders. It is essential to have previously claimed to the entity's customer service department.

For extraordinary risks, any insured party with a valid damage policy (home, business, vehicle, life) that is up to date with payments can claim to the Consortium when the loss is caused by an extraordinary phenomenon. The surcharge that finances the Consortium is already included in your insurance receipt.

In traffic cases, the injured party can claim for an accident occurring in Spain caused by a vehicle that is uninsured, unknown (hit and run), stolen, or whose insurance company has been declared in liquidation.

For the CNMV, you need a prior written claim to the entity's customer service or customer ombudsman, your personal details (name, Spanish ID and address), the entity's identification, the reason for the claim, a declaration that the facts are not subject to judicial, arbitration or administrative proceedings, a copy of the prior claim along with proof that the deadline has passed, and documents proving the facts.

For extraordinary risks to the Consortium, you need the policy details (with 2 copies) and premium receipts, the applicant's identity, a 24-digit IBAN account, and repair estimates and invoices for material damages or medical reports for personal injuries.

For traffic accidents, you need the damage communication sheet, a photocopy of the injured party's DNI or NIF (Spanish ID or tax identification number), a 24-digit IBAN, the police report or accident statement and medical reports if there are injuries.

The claim to the CNMV is submitted through the electronic headquarters (with a digital certificate, electronic ID or username and password) or using the PDF form sent to the Madrid or Barcelona offices. The CNMV resolves within a maximum period of 4 months from submission (Orden ECC/2502/2012, art. 12.1) through a reasoned report that is non-binding. It assesses whether the entity adhered to good securities market practices, but it does not force them to return money.

The claim to the Consortium for extraordinary risks is communicated via the free telephone number 900 222 665 or through the online forms at the headquarters (material damages and personal injuries). The payment is made directly to the beneficiary by bank transfer. The resolution time depends on the complexity, usually taking between a few weeks and a few months.

The claim for traffic accidents is submitted to the Consortium Delegation with the damage communication sheet. It is advisable to do this as soon as possible so that an expert can assess the damages.

Regarding traffic, Ley 5/2025, de 24 de julio, modified the texto refundido de la Ley sobre responsabilidad civil y seguro en la circulación de vehículos a motor (consolidated text of the Law on civil liability and insurance in motor vehicle circulation, RDL 8/2004) to transpose Directiva (UE) 2021/2118, raising the minimum coverage amounts and strengthening protection against insurer insolvency.

In the financial sector, the Independent Administrative Authority for the Defence of the Financial Customer is being processed. This will centralise claims currently divided between the Bank of Spain, the CNMV and the Directorate General of Insurance, and will issue binding resolutions for entities when the claimed amount is less than €20,000. Until it is published in the BOE (Official State Gazette) and enters into force, the current system continues to apply with a non-binding report from the CNMV and a maximum resolution period of 4 months.

The Consortium's extraordinary risks procedure has not changed. The DANA of October 2024 triggered the largest volume of compensations in its history, processed under the same current rules and deadlines.