The Ministry of Economy finalizes the project to create a mechanism called “risk traffic light”, which provides the consumer with all the information and classification of financial products, deposits, payments and pension plans, to warn them about their risks and complexity.
The Ministry wants this order to be applicable to investment services companies, credit institutions, financial credit establishments, pension fund management entities and insurance entities, among other institutions.
How will it work?
Before purchasing the product to be contracted, the consumer will receive the aforementioned indicator with alerts on liquidity and financial complexity, making it possible to easily and graphically assess its conditions and risks.
This order will also regulate the distance marketing of these products. Offer channels such as the Internet, telephone sales or other remote means, must facilitate access to the risk indicator, and liquidity and complexity alerts,
In the case of deposits, it must be specifically clarified whether they are fully or partially covered by the Deposit Guarantee Fund for Credit Institutions.
Related news:
- How to know if a deceased relative had any life insurance?
- The Spanish, worried about their retirement
- The return on savings insurance will be comparable from this summer
At Canarisk we can advise you on the best future forecast products from the main insurance companies in the Canary Islands. Ask us your needs and we will carry out our personal forecast study. Fill in our evaluation questionnaire (click here)