ING and Galgo face regulatory and consumer disputes

In Spain, the consumer organization FACUA has filed a formal complaint against ING with the Ministry of Social Rights, Consumer Affairs, and 2030 Agenda. The complaint alleges that the bank unilaterally modified a promotional campaign that promised a 10% refund on credit card purchases of 100 euros or more. After initially announcing the offer via email, ING claimed an “operational incident” had cancelled the promotion. Following pressure from FACUA, the bank eventually agreed to apply the discount but retroactively restricted the valid period from 18 days to just four days.

In Chile, the fintech company Galgo (Liquitech SpA) is appealing a fine of 500 UF imposed by the Commission for the Financial Market (CMF). The regulator sanctioned the firm for charging interest rates exceeding the Maximum Conventional Rate. Galgo, which operates in Chile, Colombia, and Mexico, has filed an illegality claim in the Santiago Court of Appeals, arguing that the charges do not constitute interest under current law. The company also disclosed that it has not recorded profits in its eight years of operation.