Can a shift between different savings products be observed in Spain?
For many years, savings were directed towards harmonised funds. But the banking solvency crisis has brought along significant changes. Spanish banks, which have strong market power, have encouraged savers to move towards structured products that they use as collateral for refinancing with the Central European Bank (CEB). Through reinforced advertising they are attempting to modify the portfolio of their clients. This is a clear case of conflict of interest as this change is not made in the interest of the clients.
 
Has Spain introduced regulatory changes which have had an impact on the competition between products?
The financial supervision authority, the CNMV, proposed a code of conduct for the distribution of investment products a few years ago. Several banks, such as Santander, adjusted their own code according to this one by creating colour codes for various types of products according to risk, for example. But it is still difficult to obtain information on the manner in which banks apply these principles.
 
Has the implementation of the Market in Financial Instruments Directive had tangible effects on investor protection and their information?
Not really. At the moment, the implementation of the MiFID is still only a formal one. The system of remunerating distribution, via commissions and retrocessions, is still in place. Despite the principle of "better execution", Spanish banks continue, for example, systematically going through their own broker.

*so as to represent the users of retail financial services