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 | 2020-2021
2020 | 2021 | |
|---|---|---|
SUPERVISION OF FINANCIAL INSTITUTIONS | ||
Systematic oversight | ||
Advertisements inspected | 11,455 | 19,857 |
Key information documents for structured deposits monitored | 54 | 52 |
Remuneration rates on structured deposits checked | 106 | 76 |
Inspections | Entities covered | ||
Basic bank accounts | 104 | 100 |
Current accounts | 121 | 118 |
Consumer credit | 96 | 84 |
Consumer credit in digital channels | 88 | 100 |
Home loans and mortgage credit | 106 | 99 |
Bank customer complaints | 19,660 | 19,322 |
Correction of irregularities and sanctions | ||
Recommendations and specific orders | 3025 | 5926 |
Administrative offence proceedings initiated (a) | 86 | 121 |
SUPERVISION OF CREDIT INTERMEDIARIES | ||
Authorisation and Registration | ||
Proceedings concluded | 659 | 635 |
Applications for authorisation accepted | 438 | 470 |
Advertisements inspected | 74 | 73 |
Inspections | Entities covered | 0 | 94 |
Bank customer complaints | 73 | 83 |
Correction of irregularities and sanctions | ||
Recommendations and specific orders | 50 | 1575 |
Administrative offence proceedings initiated (a) | 22 | 62 |
CERTIFICATION OF TRAINING ENTITIES | ||
Requests received | 2 | 2 |
Training entities certified | 1 | 0 |
Notes: (a) Some administrative offence proceedings were initiated for the practice of various infringements.
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.
