Actualidad

Code of Best practices for Fintechs and Insurtechs

Spanish Association of Fintechs and Insurtechs

In their efforts to create a favourable environment for start-ups and tech companies in Spain, the Spanish Association of Fintechs & Insurtechs (hereinafter, AEFI) published the first Code of Best practices for Fintechs and Insurtechs last May.

The aim of the code, applicable to all AEFI member companies, is to promote healthy competition and compliance with consumer protection rules, make market transactions more transparent, establish cooperation in the Spanish financial and banking industry and consolidate the competitiveness and productivity of business models.

The Code is benchmarked against values that have inspired the Association: transparency, cooperation, communication and research. It aims at creating a best practices standard in the Spanish tech sector by fostering the responsible use of financial and insurance products.

Membership of AEFI means expressly accepting the Code, which, in turn, involves complying with all the duties set out in the regulations:

  • Ethical and legal obligations: companies must operate fairly, ethically, responsibly, honestly, fully, professionally and in an environmentally-friendly manner in all their activities. They must also comply with prevailing legislation, paying special attention to labour protection and anti money laundering regulations.
  • Obligations in their relations with customers: Member companies of the Association must provide clear, complete and transparent information on their websites and in the financial documentation provided to their customers, avoid putting pressure on consumers and allow interaction with those facilitating the submission of complaints and claims, if any.
  • Obligations in their relations with the market: members must abstain from engaging in any practise that entails any abuse of the consumer and respect their rights, they must comply with all regulatory advertising standards and make an assessment of the risk profile of the customer before providing its services.
  • Obligations concerning websites: member companies must include clear information about the services offered on their websites, along with the quality label awarded by the AEFI, a contact section and information about their legal status as a company.

Finally, it includes a regime of sanctions, ranging from warning, suspension and/or expulsion from AEFI for members that fail to comply with the obligations set out in the Code of Best practices.