An investment website that appears to belong to a trusted financial company could be an imitation. Spain’s financial regulator has issued a fresh warning about websites using the names of legitimate firms, including MyInvestor and XTB, alongside other unauthorised investment platforms.

On Monday, October 19, the National Securities Market Commission (CNMV) published five warnings concerning investment websites and entities operating without the required authorisation. Some were identified as clones of registered financial businesses, while others were flagged for offering regulated services without authorisation.

The warnings are particularly relevant to anyone considering opening an online investment account, especially when a website looks professional or uses the name of a recognised financial institution.

Spain’s CNMV identifies websites impersonating MyInvestor and XTB

Among the websites identified in the latest warnings are several using variations of the MyInvestor name.

The CNMV has specifically flagged the following addresses:

• ‘panel.myinvestor-ltd.com’
• ‘live.myinvestor-ltd.co’
• ‘app.myinvestor-limited.com’
• ‘app.tairales-ltd.org/profile-info’

According to the regulator, these websites have no affiliation with MyInvestor Banco, S.A., a financial institution properly licensed in Spain to offer investment services.

The legitimate company’s website is ‘myinvestor.es’.

The CNMV also warned about the website xtbespana.com, identifying it as a clone unrelated to XTB S.A., Sucursal en España, a financial services firm duly registered in Spain.

The distinction is important because a website does not need to be particularly suspicious to be a red flag. A web address that combines the name of a well-known company with a word like Espana, limited, or ltd may appear legitimate, especially to a newcomer who does not know the website for that company.

The presence of a well-known name does not mean the website belongs to the company.The regulator’s warnings are clear that the MyInvestor and XTB websites identified are not linked to the legal businesses.

Three other investment entities named in Spain’s latest warning

The update of 19 October by the CNMV lists three other entities that are not authorized to offer regulated services mentioned in its warnings.

Wexford Advisory Ltd, which is linked to the website ‘wexfordadvisory-ltd.com’, is identified as a clone. The regulator says it has no connection with Advisory GPS European Equity, FI, a registered investment fund in Spain.

Two further entities have also been named:

• Diamond Capital, associated with ‘diamondcapitalhf.com’ and ‘diamondcapitalhfm.com’.
• Global Rift, associated with ‘globalrift-ltd.co’ and ‘globalrift-limited.com’.

According to the CNMV, these companies are not registered to provide investment services or other regulated activities mentioned in the warnings.

The notices also describe activities which are only permitted to licensed cryptoasset service providers in accordance with the Markets in Crypto-Assets Regulation, known as MiCA, in the case of Diamond Capital, Global Rift and Wexford Advisory Ltd.

However, investing with an unauthorised investment provider can expose consumers to a high degree of financial risk. The risk may include losing money and the lack of protection that is available with regulated firms.

The recent warnings from the CNMV are also consistent with previous warnings by the CMNV regarding unregistered investment platforms. The CMNV issued four additional firms that were not licensed to offer investment services on October 13.

The update on 19 October therefore adds more names and websites to the regulator’s public warning list.

How to check whether an investment website is genuine in Spain

CNMV advises those who wish to invest online to check the company’s registration before transferring money.

The regulator maintains a public database of warnings about unauthorised entities, allowing consumers to check whether a particular company or website has been flagged.

However, checking whether a company appears on a warning list is only part of the process. A platform that has not yet been flagged is not necessarily authorised.

Investors should also refer to the CNMV’s official registers to ensure that a financial business is authorised to offer the services they advertise. For expatriates considering online trading, understanding the risks of opening a Forex or CFD trading account in Spain is another important precaution.

It is particularly important to check the website address and contact information against those for the legitimate company.

The company’s logo, website, or company name may be impressive, but they are no guarantee of legitimacy. An investor should not assume that a link provided to them in an email, advertisement, or social media post is the official platform. Financial fraud is not limited to investment platforms, with a previous bank scam investigation in Spain revealing the scale of personal data exposure.

Any individual who has already shared financial information or has sent money to a suspicious website should contact their bank or payment provider immediately. Save all communications and consider reporting the matter to the police.

The CNMV also encourages consumers to report offers of investment services from unregistered entities.

For information on whether a company is authorised, investors can call the regulator’s information service on 900 535 015.

The alerts issued on October 19 do not indicate how many people have visited the websites or whether any investors have suffered losses.

The CNMV’s latest warnings underline the importance of checking both a company’s regulatory status and its exact website address before transferring money. Even when an investment platform appears to represent a familiar financial institution, that does not necessarily mean it is genuine.

Unmarried parents in Spain who were refused a widow’s pension because they never officially registered their relationship could soon have another chance to claim financial support. The Government is preparing a change that would allow eligible couples with children in common to prove their relationship through shared residence, while a proposed 12-month window could reopen the door for people whose applications were previously rejected.

The measure is due to go before the Council of Ministers on Tuesday, October 20. If approved, it would change the rules for unmarried couples and introduce a route for reviewing earlier cases, potentially helping families who were excluded because of a formal requirement rather than a lack of evidence that they had built a life together. 

A year to revisit rejected applications

One of the most significant elements of the proposed reform is a transitional period of 12 months for people who were previously unable to obtain a widow’s pension. Under the draft, those affected could ask for earlier applications to be reviewed or submit a new claim under the revised rules. This could matter to surviving partners who had children with the deceased and lived together for years but were refused because they had not registered their relationship as a pareja de hecho. 

The provision could be particularly useful to people who did not challenge an earlier decision because they believed there was no way around the registration requirement. If the proposed change takes effect, they may have an opportunity to have their circumstances considered under the revised criteria. However, a previous rejection would not automatically be overturned. Applicants would still need to satisfy the conditions applicable to their claim, and the final legislation will determine how the review process operates. The 12-month period is therefore an opportunity to seek reconsideration, not a guarantee of payment.

Why the current rules have left some families without a pension

Spain’s contributory widow’s pension provides financial support to eligible surviving spouses or registered partners following the death of their partner. But unmarried couples who have children together can still face a legal obstacle if they never formally established their relationship. Under Article 221 of the General Social Security Law, couples who are not married generally need to prove that their pareja de hecho was registered with the relevant authority or established in a public document at least two years before the death. 

The existing rules normally require five years of uninterrupted cohabitation, but couples with children in common are exempt from that particular five-year requirement. The formal-registration requirement is separate, however, and having children together does not automatically remove it.

That distinction can have serious financial consequences. Two people may have shared a home, raised children and managed household expenses together for years, yet the surviving partner may still be refused a pension because they never completed the official registration process. The proposed reform would address that specific problem by allowing eligible couples with children in common to establish their entitlement through evidence of cohabitation instead.

What would unmarried parents need to prove?

Under the draft, couples with children in common would need to demonstrate at least two years of uninterrupted cohabitation immediately before applying for the pension. They would not need to have registered their relationship as a pareja de hecho. A municipal residence certificate, known as a certificado de empadronamiento, would be accepted as evidence that the couple shared an address. This would give surviving partners a defined way to prove cohabitation without having to demonstrate that they completed the formalities required under the existing system. 

The change would not remove all the conditions attached to the benefit. The other eligibility requirements for a contributory widow’s pension would continue to apply, including the relevant Social Security conditions concerning the deceased person’s contribution record, where required. The reform is therefore aimed at one particular barrier: the need for unmarried parents to have formally registered their relationship. It would not make every surviving parent automatically eligible simply because they have a child with the deceased.

A separate change for divorced and separated people

The proposed package also includes a different measure affecting some people who divorced or legally separated before 2008. Eligible survivors in this group would be able to receive a widow’s pension alongside another public pension, such as a retirement or incapacity pension. The proposal is intended to remove restrictions that can prevent some people from combining these benefits. 

This provision is separate from the changes for unmarried parents. It concerns the compatibility of pensions rather than the formal recognition of a relationship, and the final legislation will determine which cases qualify. For people affected by these rules, the distinction matters: the proposed exemption for unmarried parents would change how a relationship can be proved, while the provision for some divorced or separated people would affect whether two pension payments can be received together.

When could the new rules take effect?

The Government intends to introduce the measures through a royal decree-law. Approval by the Council of Ministers would be an important step, but the decree must also be validated by Parliament within 30 days to remain in force. Until the changes are formally approved and take effect, the existing eligibility rules continue to apply. 

The immediate development for unmarried parents is not simply the possibility of qualifying without registration, which EWN has previously reported. It is the proposed opportunity for people whose claims were rejected to seek reconsideration under the revised rules. Anyone who believes they may be affected should check the final published legislation before making a new application or assuming that a previous refusal will be reversed. The exact conditions and procedure for reviewing earlier claims will depend on the approved text.

Losing your mobile signal in rural Spain could eventually become less common under a European satellite initiative involving Telefónica. The Spanish telecommunications company has joined with Vodafone, Orange, and Deutsche Telekom to develop an initiative aimed at boosting mobile phone coverage in areas that are underserved by current network infrastructures.

The announcement is a preliminary step. There is no launch date, pricing or list of compatible devices has been announced.. This is an initial effort to investigate the possibility of collaborating on a common satellite network rather than launching a new service that people can purchase today.

In a statement released on October 19, the four companies announced that they have signed a letter of intent to explore a potential joint bid for European mobile satellite spectrum. The companies aim to expand their coverage in rural areas and improve communications networks.

The project is based on Direct-to-Device connectivity (D2D), which connects satellites to smartphones and other devices.

The operators envisage integrating satellite connectivity into existing mobile networks. They also aim to provide open, non-discriminatory access to other mobile network operators, allowing this network to be used by companies outside of the four founding parties.

However, the companies are not announcing that they will build their own satellite constellation. They intend to develop the necessary ground infrastructure and coordination capabilities in Europe, while a satellite partner will provide the constellation. The partner has yet to be chosen.

The statement also explains that this does not replace the companies’ existing satellite partnerships.

The most critical question for the consumer is how such a system would improve reception. It will depend on the service offered, its technological capabilities and any other deals made by each service provider.

Could it improve mobile coverage in rural Spain?

The prospect could interest people who struggle to get a reliable mobile signal outside towns and cities. For someone living in a rural property, the question is whether satellite connectivity could eventually offer another option.

Despite the news, however, there is no clear coverage map of Spain. Also, the operators have not specified which devices and customer packages would be supported.

The European policy context explains the interest in the technology. In May, the European Commission proposed a new authorisation framework for mobile satellite services that extends beyond 2027 to the harmonised 2 GHz frequency band.

The Commission defines this band as a good fit for direct connectivity to devices, including communications in areas without terrestrial coverage. The proposal would establish a European selection process, which would allow providers to offer cross-border services.

When could customers use the satellite connection?

There is no confirmed consumer launch date in the joint announcement. The four operators are exploring a possible joint bid for satellite spectrum. The choice of satellite partner is still under way, and customers have not been informed of what subscriptions, speed, or service they will be able to access in the future.

European timings should also be taken into consideration. The current authorisations for the relevant satellite frequencies are set to expire in May 2027, according to the Commission. This milestone is distinct from any commercial service launch for Spanish mobile users.

For anyone hoping to solve a reception problem now, the announcement introduces no new service customers can subscribe to today. It marks an agreement between four major European operators to explore a shared approach to satellite mobile connectivity.

The next steps that will be of interest to consumers will be the official release date, compatible devices, coverage details and pricing. These will determine whether the project will be a useful option for people who have lost a signal out of the reach of other networks.