OCU values the list of undesirable products CNMV as a good initiative but insufficient

OCU applauds any initiative that helps to fewer small investors and consumers fall into the trap of toxic financial products. In this sense, values ​​positively the proposal of the CNMV circular to warn of the risks of certain financial products (bonds "coconuts" and derivatives among others) through a list of products for consumers advised against. However, in the opinion of OCU these lists, also carry risks.

To be issued by bodies whose powers are limited, are based on the failure to treat the whole universe of products that gets in the eyes of investors and insurance for example not being competence of the CNMV even seen. Nor it prevents the products themselves included in the list can be sold without special warnings as an integral part of another product (eg. a fund) so that retail investors may actually still be exposed to these risks, without also being aware of it, if they are not properly informed by the institutions and could be victims of a bad marketing.

Despite this important effort by the CNMV from OCU it insists that it is not enough for consumers. The commercial strength of the united own banks with low returns on risk-free assets makes products with higher expected returns hook are easy to sell and recruit in the current context, though at the cost of higher risk.

Unfortunately though it is mandatory signature, to carry out the procurement of these products, it is not expected that this new requirement handwritten warnings be an obstacle when acquiring these financial products and rather serve only warranty for entities in the case of any claims or subsequent incidents. Unfortunately for OCU in practice it has been found that these elements supposed protection on numerous occasions (MiFID suitability test in the case of preference) have turned against consumers themselves and for financial institutions.

On the other hand from OCU it warns that can generate the "false impression" that the other financial products, not included in this list are safe. Not only the type of products available to consumers, but also how to market them particularly concerned. The fact that the own financial and banking institutions to create new products to offer hypothetical returns without these can the investor make a reasoned judgment as to the real possibilities of obtaining it is disturbing and probable cause for future confidence in the financial sector. OCU suggests that could be the CNMV the body that perform these functions for information about obtaining reasonable performance and thus ensure some protection to consumer rights. Until then OCU advises consumers seeking opinions and independent information before hiring financial products.