You are here

Oversight

The Banco de Portugal oversees the conduct of credit institutions, financial companies, payment institutions, electronic money institutions and credit intermediaries in the retail banking markets through the systematic oversight of the information reported by the institutions, inspection activity and the analysis of complaints presented by customers.

Whenever the Banco de Portugal detects irregularities or non-compliance, it orders their correction. The Banco de Portugal may also sanction the institutions through administrative proceedings.

The Banco de Portugal is also responsible for certifying and monitoring the activity of the training entities for credit intermediaries and employees of the credit institutions involved in marketing housing credit.


Supervisory activities | 2018-2019

2018

2019

SUPERVISION OF FINANCIAL INSTITUTIONS

Systematic oversight

Advertisements inspected

9,739

9,684

Key information documents for structured deposits monitored

91

75

Remuneration rates on structured deposits checked

162

167

Consumer credit agreements reported

1,543,743

1,598,744

Inspections | Entities covered

Basic bank accounts (a)

106

107

Current accounts (a)

123

119

Consumer credit

24

8

Consumer credit in digital channels

13

15

Home loans and mortgage credit

29

3

Bank customer complaints

15,254

18,104

Correction of irregularities and sanctions

Recommendations and specific orders

922

921

Administrative offence proceedings initiated (b)

47

27

SUPERVISION OF CREDIT INTERMEDIARIES

Authorisation

Proceedings concluded

1,052

5,169

Applications for authorisation accepted

924

3,757

Advertisements inspected (c)

N/A

57

Inspections | Entities covered (c)

N/A

45

Bank customer complaints (c)

N/A

114

Correction of irregularities and sanctions

Recommendations and specific orders

N/A

325

CERTIFICATION OF TRAINING ENTITIES

Requests received

7

4

Training entities certified

4

3

Notes: (a) The Central Mutual Agricultural Credit Bank and the 80 Credit Banks which are members of the Integrated Mutual Agricultural Credit Scheme (SICAM) were autonomously accounted for in 2019. (b) Some administrative offence proceedings were initiated for the practice of various infringements. (c) During 2018 and in the first half of 2019, a transitional regime was in place under which the legislator waived registration with and authorisation from the Banco de Portugal for natural and legal persons already operating as credit intermediaries.


Systematic oversight

The Banco de Portugal systematically oversees the information that supervised institutions are required to report. Among other activities, the Bank:

  • Analyses the credit institutions' price lists, including the implementation of the changes to the legal framework in force that affect the setting of fees for banking products and services;
  • Oversees compliance with information duties in credit institutions' advertising, after the launch of each campaign, irrespective of the media chosen (TV, radio, press, outdoor, PoS, internet, leaflets, letters and emails, among others);
  • Checks conformity of key information documents on structured deposits before their offering for sale and of the respective advertising;
  • Assesses compliance with interest rate caps in new consumer credit contracts.

Inspections

The Banco de Portugal carries out inspections on the branches and central services of the entities subject to its supervision. 

It also carries out off-site inspections, using information reported by the institutions or available on their websites. 

 

Complaints

The Banco de Portugal analyses the complaints that bank customers submit against the credit institutions, financial companies, payment institutions, electronic money institutions and credit intermediaries about bank deposits, home loans, consumer credit, other credit to individuals and companies, payment services and electronic money.

Complaints may be submitted through the complaints book (‘Livro de Reclamações’), either in physical form at the institutions’ branches, or in digital form at www.livroreclamacoes.pt. You may also submit the complaint directly to the Banco de Portugal, through the Bank Customer Website or by letter. In all cases, the complaints are received by the Banco de Portugal.

 

Correction of irregularities and application of penalties

The Banco de Portugal orders the supervised institutions to correct any irregularities found. The Banco de Portugal may also sanction the institutions through administrative proceedings, application of fines and additional penalties.

 

Certification of training entities

The Banco de Portugal certifies and oversees the activity of entities responsible for providing training that confers professional certification to employees of credit institutions engaged in the drafting, offering and signing of housing credit agreements and other mortgage credit agreements and to the persons performing or intending to perform the activity of credit intermediary and consultancy services regarding credit contracts.