Auditors posing as customers will be sent to different branches of banks in Spain to ensure their employees follow instructions when offering products.
The Comisión Nacional del Mercado de Valores (CNMV) said that Mystery Shoppers would evaluate banks using various criteria throughout the year.
All evidence of violations collected by the auditors will become grounds for disciplinary action against the financial institutions which didn't follow the instructions. Elvira Rodriguez, CNMV CEO, announced these plans at a presentation of yearly goals.
Mystery Shoppers are already widely used in the UK and France, where specialized agencies hire such people for quality control.
Mystery shoppers have been auditing banks in the UK since 2006. In some cases they are allowed to record sales conversations with bank employees.
CNMV is also working on a financial risk classification system designed to inform customers about purchase risks for some financial products and to help them make more reasonable decisions about their investments.
Thousands of Spaniards lost their savings after investing in unreliable shares that were sold by banks during the peak of the financial crisis.