OCU requires responsibility to Santander and the CNMV before the selloff of complex products

The report of the prosecution in the criminal case against Banco Santander for the sale of convertible bonds, according to data published in the media recently, it is considered that although it is true that there were numerous irregularities can not legally prove that the dome entity has the intent to harm so generalizes customers with the design of Santander convertible bonds or securities to cover the acquisition of Dutch bank ABN Amro in 2007. the defense of the entity has indicated that the loss was a result of the crisis financial.

Convertible bonds are a very complex financial product linked to derivative products with which Santander bank customers caused losses of 55% of the initial amount of investment. According to data that have appeared in the media in preparing the report they have used the findings of the CNMV, which gave rise to an unprecedented fine of 17 million euros in February 2014, where the widespread practice of reflected breach of the obligations of information on the risks and not relevant investor profile assessments were made in each case.

Of the more than 129,000 affected most have chosen to reach agreements individually with the entity, although 150 affected customers took their case to the High Court, after this report the prosecution advised those affected to claim each case individually in the corresponding court. OCU advises affected join the already open campaign last summer to expose and recover their investment in: http://www.ocu.org/dinero/invertir-sin-riesgo/noticias/valores-santander

For OCU it is clear that this is a problem of taking responsibility and while it is true that you can not say it was a deliberate practice by the top management, this does not absolve them of their responsibility as managers and directors of an entity financial in the development of products sold and commercial management of them. In turn from OCU they believe that the CNMV should ensure interest and consumer protection and in this regard to ensure the safety of the products that banks and financial institutions make available to its customers.