FinCoNet highlights Banco de Portugal’s new mandate in certifying training entities of credit intermediaries and institutions

The article “Market conduct supervision oversees staff knowledge and competences: a new mandate assigned to Banco de Portugal”, drawn up by Banco de Portugal, underlines how important it is for employees of credit institutions involved in the sale of mortgage credit and of credit intermediaries to have a high level of knowledge and skills to ensure that bank customers are properly informed. Banco de Portugal has certified and monitored the entities responsible for training courses that provide professional certification since 1 January 2018.

The FinCoNet newsletter also includes other articles of interest for banking conduct supervision, among them a text prepared by the Central Bank of Brazil on the “Agenda BC#”, an initiative pursued by this central bank that aims to limit credit costs, promote customer mobility in relation to bank accounts, enhance banking regulation and improve efficiency in the financial system.

The newsletter also includes an article by the Australian Securities and Investments Commission, the supervisory authority of Australia, on the update of responsible lending guidance.

This publication also highlights the Financial Lives Survey, a biennial survey carried out by the Financial Conduct Authority (FCA) of the United Kingdom to research and analyse consumer needs, attitudes and behaviour, and to be used as the basis for that supervisory authority’s regulatory actions.

The newsletter also includes an article by the Consultative Group to Assist the Poor, in which this entity raises awareness about the importance of having an adequate financial system regulatory framework in place, to promote financial inclusion and to protect financial consumers, in a context of increasingly digital financial services.

The newsletters can be found 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 founder member of FinCoNet and is a member of the Governing Council, presently as Chair.