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As of 21 March 2019 employees at credit institutions who take part in the granting and sale of mortgage loans (such as housing loans) must have a specific professional certification provided by a training entity certified by Banco de Portugal or an academic degree or diploma, whose course work includes minimum eligible contents.
This requirement for employees at credit institutions to have appropriate training and expertise aims to ensure that customers are correctly informed of the features and risks in the loan agreements marketed to them, so that they can assess whether such products match their needs and financial situation.
As of 1 January 2018, credit institutions are required to ensure that their employees who participate in the drafting, sale and signing of mortgage loan agreements possess and maintain an appropriate level of knowledge and skills.
To allow credit institutions to adjust to the new requirements, the Portuguese legislator set a transitional period until 21 March 2019, during which the employees could provide evidence of compliance with the knowledge and skills requirements based on professional experience.
After the transitional period, compliance with the requirements above is dependent on:
Having completed compulsory education and having specific professional certification from a training entity certified by Banco de Portugal; or
Having an academic degree or a diploma of higher education from a vocational college or a diploma from a post-secondary course, whose content list includes the subjects taught by the training entities certified by Banco de Portugal.
Employees at credit institutions can obtain the specific professional certification by completing a course, lasting a minimum of 25 hours, on drafting and selling mortgage loans.
Banco de Portugal has certified the training entities responsible for providing courses to award professional certificates to employees of credit institutions engaged in granting and selling mortgage loan agreements since 1 January 2018.
The training entities certified by Banco de Portugal are listed on this website.
Services > Certification of training entities