EU investigates unregulated financial advisers in Spain

Nicola Brittain
clock

The European Commission (EC) is to consider creating an ombudsman to help expats in southern Spain reclaim against unregistered financial firms that may be exploiting them.

The move comes after a local pressure group, representing over 1,000 victims, sent a dossier of information to Brussels, reports the Telegraph. The Costa del Sol Action Group demanded action against the advisers who, it claims, have lost their members over €120m (£102m). "It is good news as something has to be done about this bunch of rogues," said group founder David Klein. "The current Spanish regulatory system is totally inadequate and ineffective." Following receipt of the dossier, the EC confirmed it was to begin "a preliminary investigation of the problem". It has asked fo...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Investment

Muted response as Labour names Grimsby Town FC co-owner next investment minister

Muted response as Labour names Grimsby Town FC co-owner next investment minister

After the sudden exit of Poppy Gustafsson last week

Eve Maddock-Jones
clock 08 September 2025 • 2 min read
Hargreaves Lansdown and Schroders to launch double LTAF offering

Hargreaves Lansdown and Schroders to launch double LTAF offering

From next week

Eve Maddock-Jones
clock 08 September 2025 • 2 min read
Darius McDermott: Complacency at the peak

Darius McDermott: Complacency at the peak

'Markets to hit new highs, while credit spreads are at multi-decade lows'

Darius McDermott
clock 08 September 2025 • 5 min read