Taking the case of floor clauses, it is widely known that marketing transparency, or rather its absence, was why the Supreme Court declared these clauses null and void in May 2013. In its ruling, the Supreme Court considers that it is not enough that the clause may have been comprehensible in isolation. The bank should rather have explained, in an understandable fashion, all the legal and economic implications of this clause, so that the consumer might understand what its effects would be during the life of the contract. The clause thus needs to be clear and understandable, and explained in detail by the bank. But it is also evident that, to be able to take this type of economic decision appropriately, customers must, in addition to having all the necessary information, be capable of understanding the longterm consequences of what they are signing. Patently, contracts must be transparent and understandable, and decisions, sensible. Consequently, financial education and knowledge are vital tools for improving financial inclusion, but also for preventing future crises and promoting financial stability. Fortunately, this view is an increasingly shared one. Financial education is seen today as a pivotal feature of stability and balanced economic development in society. Following OECD recommendations, many countries have developed national financial education strategies. In Spain, since 2008, impetus has been given to the Financial Education Plan by a collaborative agreement between the CNMV and the Banco de España, which have subsequently been joined by other central government agencies.

Margarita Delgado: Transparency in the banking sector Speech by Ms Margarita Delgado, Deputy Governor of the Bank of Spain, at the Banking Law Conference, organized by the Malaga Lawyers’ Association, 4 June 2021. * * * I should like to thank the Málaga Lawyers’ Association for their kind invitation to close this conference on banking transparency. I think this is the first time since March last year that I have set foot out of Madrid to attend an event. And I must admit that leaving my office for Málaga added allure to the invitation. The subject chosen for this conference is highly topical and relevant. Transparency is certainly needed for there to be effective competition between banks, and it is a central feature of the framework of conduct that should govern the relationship between banks and their customers. Clearly, too, banks’ massive dealings and business formalised through standard form contracts call for legal certainty to be ensured. Further, the necessary standardisation and speed of dealings must always be compatible with maintaining a high degree of protection for the end-customer, especially where individuals are concerned. Regulatory developments It may seem to us that transparency obligations go hand-in-hand with banking business. But the reality is that such obligations were introduced little more than three decades ago. Not so far back, a controlled system of fees and interest rates was in force. The 1946 Banking Act delegated the setting of bank charges to the Finance Ministry. This remained the case until charges were partially liberalised in 1981.