Banco de Portugal's fees comparator featured in the FinCoNet Newsletter

The fees comparator (only in Portuguese) provided by Banco de Portugal in the Bank Customer Website is one of the current issues chosen for the December edition of the newsletter published by the International Financial Consumer Protection Organisation (FinCoNet).

The article, drawn up by Banco de Portugal, portrays the launching of this tool that allows consumers to compare the fees charged for the most representative services linked to payment accounts, an initiative that falls within the transposition of the Payment Accounts Directive (PAD) and the implementation of the Portuguese Government's administrative and legislative simplification programme (Simplex). The Fees Comparator presents a range of 93 fees provided by approximately 200 institutions in Portugal. This is an important tool to help consumers make informed decisions about which services or payment accounts best suit their needs. It also provides a video tutorial, a glossary and a set of frequently asked questions.

The FinCoNet newsletter also includes articles submitted by the supervisory authorities of France, Australia, Russia, Brazil, Germany, Mauritius and Peru, about other current issues that are relevant for banking conduct supervision. The newsletter includes, in particular, an article on the implementation of the Payment Accounts Act in Germany. This Act sets forth, among other provisions, that all payment account providers must offer basic payment accounts to consumers. In addition, the article takes stock of consumers' use of basic payment accounts.

The December newsletter also highlights the FinCoNet Annual General Meeting (6-7 November 2018) and the international seminar 'Open banking: development, impact and challenges' (8 November 2018), in which Banco de Portugal intervened.

The newsletters are published on the FinCoNet website and on this website.

About FinCoNet

FinCoNet is an international organisation of supervisory authorities which have responsibility for market conduct in the sale of retail banking products.

Its main goal is to improve the protection of banking product consumers, focusing on credit products and payment services.

Banco de Portugal, as banking conduct supervisory authority, is a founding member of FinCoNet and is a member of its Governing Council, presently holding the Vice Chairmanship.