Bank of Spain rings organisational changes

The Bank of Spain is creating a new department for market conduct and claims, in addition to three new units within its financial stability department.

The new department will conduct the central bank's operations relating to market conduct, reporting transparency, 'good practices', consumer information, conflict resolution and financial education.

The central bank's Executive Commission – which comprises the governor, deputy governor and two members of the governing council – approved the changes yesterday.

"Experience has shown that these areas are strongly interrelated; accordingly, it has been deemed advisable to bring them under a single roof," the central bank said yesterday, "so as to harness synergies and efficiently address the current major social impact of financial institutions' relations with their customers."

The department will be created by merging the existing claims service and banking customer relations division, and will report to the general secretariat, Francisco Javier Priego.

A spokesperson for the central bank said the head of the department has yet not been announced, but said it was likely to be someone from inside the institution.

Priego also oversees the technical secretariat, which is also being expanded to include a new unit dedicated to assessing the suitability for office of board members and senior managers in the country's financial institutions.

The Bank of Spain's financial stability department is also set to receive three new units that will conduct banking analysis, monitor developments in regulatory and macro-prudential-related policy, and study the impact of the "numerous and complex" recent and forthcoming regulatory changes.

The financial stability department reports to the director-general for banking regulation and financial stability, José María Roldán.

There will not be any "significant" changes in staff numbers as a result of the reshuffle, the spokesperson said, as the changes are more a "question of efficiency" rather than expansion.