Search:     Go  
The Spanish Lawyer Online
The Spanish Lawyer Online

Spanish Equity Release Fiasco

Exposing Danske Bank, Rothschild, Nykredit, Sydbank and Others


Posts Tagged ‘Dirección General de Seguros’

Spanish Regulator Questioned Over Organisations Offering Equity Release

May 4th, 2011

The noose is closing on the necks of the infringing lenders. On a recent visit to Madrid we filed a formal application to the CNMV, the Spanish financial regulator, for information in relation to the activities of several banks and one insurance broker turned-IFA without authorization.

The DGS (Dirección General de Seguros, Spanish Insurance regulator) also received our visit and we had a mostly interesting meeting with a senior official,who advised us to file an application for information in respect to:

  1. If Danske Bank and Rothschild were registered to sell insurance.
  2. If the products they called as life insurance, or “assurance”, can be described as such or if, on the contrary, they are just financial products hidden behind the more benign format of insurance products for the retired.

Both regulators were not aware of the inverse-mortgage schemes, but were horrified when I explained in detail the state in which borrowers have been left.


Uncategorized , , , , ,