Credit Intermediation is a growing activity in the Portuguese market, aimed at ensuring that consumers have access to credit solutions in a transparent and responsible manner. To ensure that this activity is carried out with rigour and security, Banco de Portugal (BdP) plays a central role in regulating, supervising and overseeing the sector.
The legal framework for credit intermediation is established in Decree-Law No. 81-C/2017 of 7 July, which transposes into national law the European Directive 2014/17/EU. This legislation defines the rules governing the conduct of credit intermediaries, ensuring consumer protection and the stability of the financial market.
The Role of Bank of Portugal
Bank of Portugal is the authority responsible for authorising, supervising and monitoring the registration and activity of credit intermediaries in Portugal. No professional or company may engage in this activity without being duly registered with BdP, and this registration is public and accessible through the Banking Customer Portal.
Among its main functions are:
- Regulation: BdP issues rules and guidelines defining the technical, ethical and operational requirements for carrying out credit intermediation.
- Supervision: ensures that intermediaries comply with rules of conduct, transparency and information duties.
- Consumer protection: guarantees that consumers receive clear, complete and comparable information before entering into credit agreements.
- Public information: through the Banking Customer Portal, BdP provides content and tools that allow citizens to know their rights and obligations as borrowers.
Rules of Conduct and Obligations of Credit Intermediaries
Credit intermediaries must act with diligence, loyalty and transparency, avoiding conflicts of interest and always safeguarding the interests of their end client, who in this case is also the consumer. They must also keep records up to date, ensure adequate staff training and have professional indemnity insurance to cover potential damages.
The regulation imposed by Bank of Portugal is essential to maintaining confidence in the financial system, preventing abusive practices and promoting responsible lending.
The duty to inform the end client requires Credit Intermediaries to have broader knowledge of different banking products, as well as of the information and documentation to be provided to clients to ensure the best advice regarding financial institution offers.
They must also act as facilitators in the process with the client, coordinating with the bank or financial institution to streamline the entire credit process.
The Importance of Technology in Compliance
With increasing regulatory complexity, credit intermediation companies need solutions that allow them to meet legal requirements efficiently.
This is where eGO CRM Credit Intermediation comes in.
eGO CRM allows the centralisation of all documentation, the automated management of proposals and contracts, the profiling of clients through AI and ensures process traceability, guaranteeing compliance with Bank of Portugal’s standards. In addition, it facilitates deadline control, records communications with clients and financial institutions, elements that are crucial for transparent and efficient operations.
Documentation and regulation in credit intermediation are not mere formalities, they are guarantees of trust, transparency and security. Bank of Portugal sets the rules that protect consumers and regulate the market, and solutions such as eGO CRM ensure that these rules are met with rigour and efficiency.
In a sector where credibility is the greatest asset, the combination of regulatory enforcement and intelligent technological management is the key to a stronger and more transparent future for credit intermediation in Portugal.
