CECA Joins the Action Plan Against Financial Fraud

CECA and 18 other public and private entities will cooperate to reduce attempts at financial fraud, restrict its advertising dissemination, and provide new tools to consumers.

Among other measures, informative campaigns will be conducted to warn about new fraud trends, and financial education will be promoted.

CECA has signed today the general protocol of the Action Plan Against Financial Fraud to enhance and improve the prevention and combating of offers of potentially fraudulent products and services, which cause serious harm to investors and the entire regulated financial sector.

The Plan, driven by the National Securities Market Commission (CNMV), aims to establish measures to reduce the ability to act and expand attempts at financial fraud, restrict the advertising of activities to attract new victims, and provide clients of financial services with the necessary instruments and knowledge to avoid becoming a victim.

The nineteen public and private institutions that have subscribed to the Action Plan today in an event presided over by the Minister of Economy, Nadia Calviño, aim to increase investor security. To this end, they will form a monitoring committee responsible for evaluating new forms of fraud that may arise and proposing new measures.

The adhering institutions will cooperate in detecting irregular activities regarding the offers of financial products and services, establish information mechanisms for investors, create direct communication channels among the parties, and conduct informative campaigns for the general public about the risks of fraud, among other measures.