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Key tips to protect yourself when choosing online or mobile banking services.
The Banco de Portugal published the Circular Letter No CC/2020/00000044, which establishes a set of recommendations to be adopted by credit institutions, financial companies, payment institutions and electronic money institutions when selling retail banking products and services through digital channels (particularly bank deposits, credit products, payment services and electronic money).
These recommendations aim to:
The Circular Letter has been issued following the European Banking Authority opinion on transparency of the information to be provided to consumers of financial services on digital channels (Opinion of the European Banking Authority on disclosure to consumers of banking services through digital means under Directive 2002/65/EC). It also systematises the best practice the Banco de Portugal, in its role as banking conduct supervisor, has addressed to the supervised institutions in this field.
The recommendations in the Circular Letter aim to weight on the manner in which institutions must comply with their duties in the scope of selling retail banking of products and services through digital channels, without intending to expand or replace the legal and regulatory framework especially applicable to the conduct of supervised institutions.
Through this Circular Letter, the Banco de Portugal provides:
The draft Circular Letter was submitted for public consultation between 16 March 2020 and 30 April 2020 and the contributions received were analysed, taken into consideration and, where accepted, are reflected in the wording of the Circular Letter published today.
The public consultation report has also been released by the Banco de Portugal.
Opinion of the European Banking Authority on disclosure to consumers of banking services through digital means
Circular Letter No CC/2020/00000044
Report on the Public Consultation by the Banco de Portugal No 2/2020
European Banking Authority publishes recommendations to strengthen disclosure in digital channels
Public Consultation of Banco de Portugal No. 2/2020 – Guidelines applying to the selling of retail banking products and services through digital channels