For what reasons do investors file claims?

BarcelonaThe trend of retail investors resorting to the claims service of the National Securities Market Commission (CNMV, the Spanish stock market regulator) is growing. Last year, this body received a total of 1,398 submissions, a figure that consolidates the rise experienced over the last decade, with the exception of 2024, and more than 97% were from individuals, i.e., retail investors. The CNMV's claims service finalized a total of 1,273 cases, compared to 1,220 in 2024.

Catalonia was the second community from which the most claims originated, with 192, although it was surpassed by Madrid, with 345. The third was Andalusia, with 174. There were also claims from other countries, led by Germany (6), followed by Italy and Portugal (5 each).

The majority of complaints affected banks, the main channel for retail contracting, and for the first time, those affecting foreign entities stand out, according to the report. The entities that received complaints provided investment, crowdfunding, or cryptoasset services from their country of origin under freedom to provide services. The majority of claims were against Trade Republic Bank GMBH, based in Germany; specifically, 62 claims in 2025, compared to 15 in 2024.

At the state level, CaixaBank (102), Banco Santander (101), and BBVA (90), which are the three with the largest market share, lead the claims resolved by the CNMV. ING was the entity that registered the most cases in favor of the claimant, with 20, followed by CaixaBank (19) and BBVA (14). In any case, CaixaBank was the one that registered the most unfavorable complaints for the claimant, with 52; followed by Santander (44) and BBVA (40). And those that in more cases accepted or rectified in favor of the respondent were Banco Santander (28), ING (20), and CaixaBank (19).

Further information

Regarding the causes of the claims, the most common were those related to the post-service information provided by entities (24.9%), trading order incidents (20.9%), and commissions charged by entities (17.7%).

Issues related to collective investment instruments (investment funds), accounting for 42.3% of the total claims received. The remaining 57.7% corresponded to other types of securities, such as stocks, debt and private fixed income, structured products, or derivatives.

According to the CNMV's claims report data, out of the total complaints filed, 633 were dismissed, generally because the claimed facts were the responsibility of another body or because the claimant did not respond to requests made. In 534 cases, the claimant was asked for more information or to amend documentation, and 64 were admitted for processing.

Admitted claims resulted in unfavorable reports for the claimant in 40.6% of cases, by agreement between parties in 34.1%, and with favorable reports for the claimant in 23.3% of cases. Entities reported that they accepted the report's criteria or rectified the situation with the claimant in 82% of the claims concluded with a favorable report for the claimant.

During the past year, the CNMV also handled a total of 12,538 queries, representing an increase of 21.09% compared to the previous year. The main query channel was telephone, accounting for 83.45% of the total, far exceeding those made in writing.