Banco de España updates good practices for vulnerable clients and consumer loans
The Banco de España has updated its Compendium of Good Practices, introducing new criteria for the treatment of people with disabilities, consumer loans, and procedures following a client's death.
Enhanced support for clients with disabilities and heirs
The updated Compendium sets new standards for supporting clients with disabilities.
Banks must adhere to a 'Framework Protocol' to ensure universal accessibility and financial inclusion, guaranteeing access to all banking services and legal support figures.
Any non-compliance with this protocol must be justified.
Banks can also require a responsible declaration and documentation from de facto guardians assisting disabled clients.
These guidelines result from collaboration with the Special Prosecutor's Office for Disability and banking associations.
For deceased clients, the Compendium clarifies that banks cannot condition the release of a deceased person's account balances to heirs on liquidating other linked products or assuming outstanding loans.
Heirs must provide proof of communicating the death when disputing improper charges or account blocking.
If heirs assume debts and a new deed is required for subrogation, the bank must cover all formalization costs.
Clarity for consumer loans and dormant funds
The Compendium revises criteria for consumer loans.
For early repayment or withdrawal, banks should refund a proportional part of the opening commission.
Vehicle financing contracts must explicitly state if clients must reimburse purchase discounts upon early repayment; lenders must prove any loss in disputes.
The update also clarifies the distinction between 'disused balances' (inactive accounts) and 'presumed abandoned balances' (no activity for 20 years, transferred to the Treasury).
The six-year document retention period affects information provided to holders.
First published in 2024, the Compendium's criteria stem from the Banco de España's Complaints area activities, reflecting a decade of strengthened conduct supervision.