They demand from the CNMV and Bank of Spain a cap on commissions for the transfer of shares and sanctions to entities that apply “dissuasive rates”

The Organization of Consumers and Users (OCU) has demanded this Friday from the National Securities Market Commission (CNMV) and the Bank of Spain a cap on commissions for transferring listed shares between entities.

“OCU considers it unacceptable that, to avoid high custody fees, the consumer must face even higher costs for the transfer“, the organization has stressed in a statement as a prior step to requesting the establishment of “reasonable limits” on the transfer fee that an intermediary can apply.

Likewise, it has urged that entities that apply “deterrence fees” to discourage the movement of shares. “The transfer of securities is a client’s right and should not be penalized,” they have linked to argue that “clear and reasonable limits on these commissions” encourage competition and make investments cheaper.

On a broader level, the OCU has exemplified that, although the transfer of shares between intermediaries is a simple and fiscally neutral operation, It is not always accessible.

“For an investor profile with shares in a diversified long-term portfolio, Changing intermediaries can result in significant savings on custody fees and collection of dividends; However, excessive exit costs will deter you from doing so,” they warned.

Thus, the OCU has brought up that, although many entities do not charge for receiving new portfolios, the exit costs “they can add up to 0.6%, with up to 500 euros per value, fees that can reach 1% in the case of foreign shares.”

“These tariffs, far from facilitating investor mobility, act as unjustified barriers,” the organization has accused of the sector; However, he has also recognized that “There are intermediaries that provide the same service charging less than half or even nothing.demonstrating that it is possible to offer a fair and competitive service”.

Find an intermediary with good service and low costs

As advice, the OCU has recommended that transfers, even if they face a average exit fee of 0.4%usually pay off: “The cost differences for custody expenses and the collection of dividends can add up to several hundred euros,” he maintained.

Likewise, they have suggested looking for an intermediary with good service and low costs, Comparing the commissions of different brokers and checking that the shares you wish to transfer operate normally.

Finally, they have advised not closing the source account immediately, since it would make it difficult to obtain information on the operations later.