Banco de Portugal hosted the 8th Forum for Banking Conduct Supervision
On 31 May, Banco de Portugal organised the 8th edition of the Forum for Banking Conduct Supervision, whose objective is to promote dialogue between the different entities and organisations representing the financial, corporate and consumer protection sectors on the challenges facing the industry. In this edition, the digitalisation of the sale of banking products and services dominated discussions. In his opening address, the Vice-Governor of Banco de Portugal, Luís Máximo dos Santos, who chaired the proceedings, envisioned the agenda of this edition of the Forum for Banking Conduct Supervision within the context of the challenges currently faced by banking conduct supervisors. He reaffirmed Banco de Portugal’s mission in maintaining a “relationship of closeness and dialogue” with all stakeholders, due to being convinced that this is the methodology that best enables them to meet their ultimate objective.
The impact of technological innovation on retail banking markets marked the agenda of the meeting. The Head of the Banking Conduct Supervision Department of Banco de Portugal, Lúcia Leitão, framed the presentation of the results of the 2nd questionnaire on banking products and services in digital channels, which suggest a growing digitalisation of the banking relationship. The international specialist in financial regulation and supervision, and consultant to the World Bank, Denise Dias, spoke about “FinTech: challenges and opportunities for financial consumers”, arguing that technology brings opportunities to improve banking supervision to the benefit of customers.
All the entities present took part in the debate, analysing the advantages and risks to customers of the growing use of digital channels and the challenges this represents to financial institutions. The Forum members converged on the relevance of these themes for the operation of retail banking markets, sharing their concerns and emphasising the importance of Banco de Portugal's banking conduct supervision activities, having presented the issues that they believe deserve the special attention of the supervisory authority.
The Forum for Banking Conduct Supervision was launched in 2011 and comprises Banco de Portugal and the stakeholders in this industry, namely financial sector associations (Portuguese Banking Association – APB, Association of Specialised Credit Institutions – ASFAC and Portuguese Association of Leasing, Factoring and Renting – ALF), four credit institutions appointed annually by APB and ASFAC, consumer protection associations (Portuguese Association for Consumer Protection – DECO and Consumers' Association of Portugal – ACOP), four business associations (Confederation of Portuguese Business – CIP, Portuguese Commerce and Services Confederation – CCP, Portuguese Services Confederation – CSP and Portuguese Tourism Confederation – CTP) and public bodies such as the Portuguese Ombudsman, the Directorate General for Consumers, the Credit Mediator and the Indebted Consumers Guidance Office – GOEC.