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.