Rates, fees, commissions and charges applied by entities operating within the financial system

The operating entities of the financial system must act transparently and communicate to their clients, in due time and form, the information necessary to enable them to make their decisions with full knowledge of the risks and costs associated with services and products or operations.

In order to comply with this obligation of communication by the entity to clients, making the tariff book available to the public in the offices or on the website of the entities will not be sufficient, but rather informing individually, expressly and in advance all customers, about rates, commissions and charges (hereinafter referred to as rates) effectively applicable."

Likewise, the client must be informed prior to any modification and a minimum period of two months must be granted to modify the contractual relationship, and modifications shall not be applicable during this period. In addition, the client must be informed of his right of separation in the event of disagreeing with modifications proposed and that any costs that may arise from them, should that right be exercised, shall be calculated on the basis of the rates still in force.

In case of being modified downwards, the client will also be informed without prejudice to its immediate application.

Reporting maximum rates will not be considered valid, as rates effectively  applicable must be reported to each customer.

For more information, please refer to Technical Communiqué 5/2020-SF "Transparency and information to customers: tariffs, fees and charges actually applicable".