Banco de Portugal requires institutions to provide information on the credit they will market via homebanking and apps

Banco de Portugal issued Circular Letter CC/2018/00000004, which establishes that institutions are required to provide Banco de Portugal with information on the marketing of consumer credit products initiated and concluded via digital channels, namely homebanking and mobile applications (apps).

This information reporting will enable Banco de Portugal to monitor and supervise the marketing of consumer credit via digital channels so as to ensure respect for the rights of bank customers, in particular in the access to pre-contractual and contractual information.

In accordance with the Circular Letter, credit institutions and financial companies that intend to offer consumer credit products via digital channels must inform Banco de Portugal of the characteristics of the credit product and the respective contracting process, including the security mechanisms implemented.

To this effect, institutions must reply to the questionnaire attached to the Circular Letter and submit it to Banco de Portugal, together with the standardised information sheet and the product information sheet in question. This information must be sent to Banco de Portugal at least 10 business days prior to the date scheduled for the marketing of the product via digital channels.