FinCoNet highlights Banco de Portugal’s Innovation Lab

The Bank’s article entitled “Innovation Lab in Banco de Portugal” presents the Bank’s Innovation Laboratory. Among other goals, the Laboratory aims to support supervisory activity through new technologies such as natural language processing and machine learning. In addition to other projects, one stands out that seeks to improve the validation of draft credit agreements based on a set of legal rules.

The FinCoNet newsletter contains other articles of interest to conduct supervision, including a text prepared by the Central Bank of Ireland on the legislative changes that have taken place to ensure the transparency of commission arrangements between financial intermediaries and product producers (such as banks and insurance firms). These changes were introduced with the objective of minimising the risk of conflicts of interest related to commissions arising when consumers receive financial advice from an intermediary.

The newsletter also includes an article by the UK’s Financial Conduct Authority, which presents the new measures introduced to reinforce the rights of customers when using overdraft facilities.

This edition also highlights the World Bank’s reports on regulatory approaches to the creation and distribution of retail banking products and the practices of financial service providers when handling complaints.

The newsletters can be found on the FinCoNet website and on this website.

About FinCoNet

FinCoNet is an international organisation of supervisory authorities responsible 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 a member of its Governing Council.