The most significant finding in 2009 was an increase in contentious enquiries, which are reports that involve conflicts. By dealing with these enquiries beforehand an unfounded claim can often be neutralised, which allows the preventive function to take on increased importance”, stated Carlos Fernández, Bolsa de Madrid Ombudsman during the presentation of his 2009 Ombudsman Annual Report.
In 2009 the Ombudsman’s office received 30 claims, two fewer than in 2008, with agreements representing 13% of the total, compared to 28% the previous year. In 2009 the number of claims that were resolved through arbitration accounted for 57% of all those handled by the Ombudsman office, compared to 82% the previous year.
“Enquiries by retail investors continued the growth trend seen in the last few years. These enquiries made up 70% of the total, compared to 50% three years ago. The enquiries made by media and university and cultural centres increased relative to previous years”, said Carlos Fernández.
The information requested is very similar to that of previous years, except for small differences. However, last year the most requested information involved matters other than the stock exchange itself in connection with the difficult conditions facing capital markets. This has in turn resulted in a decrease in the volume of telephone calls with respect to 2008. Most requests for information received by the Ombudsman were connected with the market. This is precisely the area where the Ombudsman works towards increasing individual investors’ financial culture so that a greater understanding of the market can help him or her to take informed investment decisions, thus avoiding the recourse to information requests
Within the protection service of the Ombudsman, the mediation function has prevailed over that of conciliation, though more detailed analysis of the situation shows the low degree of conflict in the reports. That is, the Ombudsman has solved claims basing his decisions on widely accepted and disseminated criteria, which are supported by the participating entities.
