You are here

Banco de Portugal’s decisions on the business of Fox Transfers – Instituição de Pagamento, Lda.

1. As a supervisory authority, (1) Banco de Portugal has monitored the business of Fox Transfers, which has been registered as a payment institution since 25 September 2008 in the Bank’s Special Register of Credit Institutions. (2)

2. Banco de Portugal has detected a number of situations that made it necessary for the Bank to issue a specific decision on 2 May to restrict the business of Fox Transfers and its authorised branches within the European Union to the conclusion of all transfer orders that had already been received, while the institution should abstain from any new money remittance and foreign exchange operations. (3)

3. In this context, and in the light of recent reports concerning the interruption of fund transfers abroad by Fox Transfers, Banco de Portugal announces that steps have been taken to remedy this situation, particularly with a view to safeguarding the interests of users of payment services.

4. The above-mentioned specific decision does not preclude Banco de Portugal’s adoption of any other supervisory measures, as a follow-up to or reinforcement of previous measures.

    Lisbon, 3 May 2013
    (1) Banco de Portugal supervises the business of payment institutions, including Fox Transfers, and is responsible for: (i) monitoring compliance with the rules set out in the applicable legal framework, (ii) assessing complaints by the users of payment services, (iii) taking steps to investigate the facts reported in complaints, and (iv) initiating administrative offence proceedings and imposing sanctions, where necessary.
    (2) The legal framework applicable to payment institutions is established in the Annex to Decree-Law No 317/2009 of 31 October, republished by Decree-Law No 242/2012 of 7 November (Regime Jurídico dos Serviços de Pagamento e da Moeda Eletrónica – Legal Framework for Payment Services and Electronic Money).
    (3) Banco de Portugal’s decision was issued according to the provisions laid down in Article 116-C (1) (d) of the Legal Framework of Credit Institutions and Financial Companies, approved by Decree-Law No 298/92 of 31 December 1992, applicable by virtue of Article 6 (2) (c) and Article 34 (3) of the Legal Framework for Payment Services and Electronic Money.