Carlos Fernández, the Bolsa de Madrid Ombudsman, presented his Annual Report for 2006, which shows the increasing interest of universities, educational centres and trade associations in gaining knowledge of the stock markets. These entities account for 10% of all information requests.
During 2006, the bulk of information requests came from retail investors, which accounted for 50% of the total. Market members and financial firms made up 25% of all information requests.
Following the trends of past years in 2005 the Ombudsman has kept his policy of avoiding, in as much as possible, the recourse to written complaints. This has permitted a reduction in the number of requests filed, from 55 in 2005 to 36 in 2006.
It is worth noting that 80% of all complaints filed were concerned with requests for clarification or information on specific matters regarding transactions which the claimant wrongly believed had been dealt with negligently by the firm. Also part of these complaints were matters outside the remit of the Ombudsman.
The report highlights the reduction in the number of complaints filed in 2006 that were resolved through a final report as they reached a contentious stage. These cases represent just 3% of all complaints, in contrast to 11% in 2005.
It is worth mentioning the preventive and educational functions that over the last few years have characterized the work of the Ombudsman. A great deal of complaints are avoided when the criteria applied and maintained in previous reports by the Ombudsman is known. But also because of the Ombudsman’s contribution to spreading knowledge of the market’s functioning, which has made for a better understanding of the market.
Of all complaints filed with the Ombudsman in 2006, only in 5 instances the matters involved posed real conflict, needing clarification from all parts involved in the transaction. As regards the firms against which the complaint are directed, it is worth mentioning the absence of those involving stock exchange members, in line with the trend followed in 2005.
